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After a decade-long scandal, is it finally makeover time for Park Lane Hotel?
After a decade-long scandal, is it finally makeover time for Park Lane Hotel?

Yahoo

time6 days ago

  • Business
  • Yahoo

After a decade-long scandal, is it finally makeover time for Park Lane Hotel?

The Park Lane Hotel, once ground zero for one of the biggest global fraud scandals in history, is finally getting its makeover. The Qatar Investment Authority is moving ahead with plans to redevelop the property — which has been called the 'world's greatest site for development' — into a five-star hotel, hotel condos and residences, a source with knowledge of the plans said. Technical consultants and architects are in the process of evaluating different options for the property at 36 Central Park South, the source said. Plans to convert the Billionaires' Row building into condos have been brewing for more than a decade following a series of high-profile scandals. Qatar's sovereign wealth fund bought the 46-story hotel in 2023 from Witkoff Group for nearly $623 million after plans to develop the property fell apart. Steve Witkoff's company and Malaysian businessman Jho Low purchased the hotel in 2013 for $654 million, with the intention of converting the building's 631 rooms into high-end condominiums. In 2016, he and his partners — Harry Macklowe, Howard Lorber's New Valley and Highgate Holdings — put the new development on hold, believing the Billionaires' Row market had become too oversaturated. A few months later, the project seemed back on track after Chinese developer Greenland Group bought a 41 percent stake in the project from Kuwait Strategic Investors. But shortly after the deal closed, the Justice Department filed a lawsuit aiming to seize the hotel as part of its investigation into Low, who owned 85 percent of the property and was accused of stealing $4 billion from the Emirati sovereign wealth fund Mubadala Investment Company. Witkoff put the property up for sale in 2017, hoping to fetch a price near $1 billion. At the time, JLL's Jeffrey Davis, who wasn't involved in the listing, dubbed it 'the world's greatest site for development.' Despite Witkoff's high expectations, no one met the steep asking price. The owners refinanced the hotel in 2019 with a $615 million loan from Deutsche Bank and JPMorgan, and the Abu Dhabi fund increased its stake in the property as part of the DOJ's effort to recover funds. A portion of the proceeds went toward a renovation. Years later, and the building — developed by Harry Helmsley in 1967 — is still awaiting its big transformation. The source could not confirm whether the QIA plans to redevelop the existing building or demolish it and build new. It was also unclear whether the plans include any of the neighboring properties. The medical condo building at 30 Central South has long been floated as a possible addition to the development site. In 2015, Extell Development's Gary Barnett approached the condo board of the building — a former hotel that now primarily houses dentists' offices — about a possible purchase, possibly foiling Witkoff's plans for a supertall at the Park Lane site. But no deal was ever struck, and condo board president Alain Roizen told The Real Deal he has not fielded any serious offers. 'Not from the right people,' Roizen said. Barnett may foil Witkoff's bid to build supertall at Park Lane Hotel site Qataris shell out $623M for storied Park Lane Hotel Abu Dhabi fund ups stake in Park Lane Hotel as part of 1MDB funds recovery This article originally appeared on The Real Deal. Click here to read the full story. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Dear QuantumScape Stock Fans, Mark Your Calendars for July 23
Dear QuantumScape Stock Fans, Mark Your Calendars for July 23

Yahoo

time22-07-2025

  • Business
  • Yahoo

Dear QuantumScape Stock Fans, Mark Your Calendars for July 23

Closeup of EV being charged by Solarseven via iStock In a dramatic return to center stage, QuantumScape (QS) has reignited Wall Street's interest ahead of its next earnings release. On July 18, the stock soared to a fresh 52-week high of $15.03, marking a 7.7% intraday gain. Shares have soared more than 215% in the last month, so all eyes will be on its second-quarter report after market close on Wednesday, July 23. More News from Barchart The initial catalyst that sparked its recent rally was the integration of its Cobra separator process into baseline cell production. News of this technical step forward prompted a 31% stock jump the very next day. Given that QuantumScape remains in a pre‑revenue phase, the breakthrough signals tangible momentum. As capital continues to pour in, the question becomes not whether the firm can deliver, but when revenue will begin to flow. Thus, Q2 results will be watched closely. About QuantumScape Stock QuantumScape, headquartered in San José, California, is building the future of electric vehicle power with its next‑generation solid‑state lithium‑metal batteries. At a market cap of $7 billion, the company counts big backers including Bill Gates and the Qatar Investment Authority, while Volkswagen (VWAGY) holds a material ownership stake. Over the past three months, QS has exploded 253%, and in the past month alone risen 220%. That premium shows in valuation. QS now trades at roughly 7.4 times its book value, a lofty level for a pre-revenue company. But with battery breakthroughs underway and investor capital backing its runway, many believe that traditional valuations give way to future potential. A Closer Look at QuantumScape's Q1 Earnings On April 23, QuantumScape unveiled its Q1 2025 earnings, which, despite its pre‑revenue status, carried encouraging developments. The company reported a net loss of $114.4 million, narrowing from $120 million in the year-ago period. Its adjusted EBITDA loss and operating losses both also narrowed year over year. At the end of Q1, QuantumScape reported $860 million in liquidity, giving it a runway well into the second half of 2028. For a pre-revenue company in a capital-intensive industry, this is a reassuring buffer. This will also allow the company to reach key milestones, including field testing set for 2026, without raising immediate funding.

Qatar expected to invest $4bln in Egypt tourism project: report
Qatar expected to invest $4bln in Egypt tourism project: report

Zawya

time22-07-2025

  • Business
  • Zawya

Qatar expected to invest $4bln in Egypt tourism project: report

Qatar is expected to pump nearly $4 billion into a major tourism project involving resorts and luxury houses on the Northwestern Egyptian Mediterranean coast, a Saudi news website reported on Monday. The project is located in Ras Alam El-Rum town and will span an area of around 240,000 square metres, the Arabic language site Asharq said. It quoted two unidentified Egyptian government officials as saying Qatar Investment Authority (QIA), the Gulf country's sovereign wealth fund, will fund the project which includes resorts, luxury houses, shopping malls, yacht marina and other facilities. The report said the development is similar to Ras Al-Hekma project, which is undertaken by ADQ, the Abu Dhabi investment holding company. ADQ said last year it would pump $35 billion into the project on the Northern Egyptian coast, making it the largest foreign investment in the Arab nation. Phase 1 of the QIA project includes the operation of 20-25 percent of its area, the report said, adding that Egypt's government will be entitled for 15 percent of the revenues. 'Measures are under way to allocate the land for the project and issue the necessary licenses…it will be announced this year in case the negotiations between the two sides are successful,' it said. The reported project coincides with an intensified drive by Cairo to attract Foreign Direct Investment (FDI) to stimulate its economy and tackle debt and fiscal deficits. Officials have said the target is to receive $42 billion FDI during the 2025-2026 fiscal year, which started on 1 July. In a report last week, the US-based Institute of International Finance (IIF) urged Egypt to speed up privatisation and reform of public enterprises to ensure continued support by the International Monetary Fund (IMF) and Gulf oil producers. (Writing by Nadim Kawach; Editing by Anoop Menon) (

Brookfield Renewable to invest up to $1 billion in Isagen
Brookfield Renewable to invest up to $1 billion in Isagen

Reuters

time18-07-2025

  • Business
  • Reuters

Brookfield Renewable to invest up to $1 billion in Isagen

July 18 (Reuters) - Brookfield Renewable (BEPC.N), opens new tab said on Friday it will invest up to $1 billion to increase its stake in Colombian energy company Isagen S.A to about 38%. As a part of the deal, Qatar Investment Authority (QIA), an existing co-investor in Isagen, will also invest about $500 million and increase its equity interest in Isagen to about 15%. The investment will be funded through a combination of proceeds from non-recourse financings at the business and available liquidity, Brookfield said. Isagen generates stable and contracted cash flows from its large fleet of hydro assets. In addition, it also has a pipeline of renewable power projects, to support Colombia's growing power needs.

QFC, ILO urge multi-pronged strategy to boost Qatar financial sector
QFC, ILO urge multi-pronged strategy to boost Qatar financial sector

Zawya

time16-07-2025

  • Business
  • Zawya

QFC, ILO urge multi-pronged strategy to boost Qatar financial sector

Qatar - A multi-pronged strategy - which includes strong industry-academia collaboration, targeted upskilling and reskilling and enhanced workforce inclusion - has been recommended by the Qatar Financial Centre and the International Labour Organisation (ILO) to strengthen the competitiveness and sustainable growth of Qatar's financial sector. Stressing that bridging the gap between education and labour market needs requires more than ad hoc co-ordination; the joint report of the QFC and the ILO suggested that relevant stakeholders must institutionalise co-operation mechanisms to ensure sustained alignment of supply and demand. In this regard, it said there is a need to establish structured engagement platforms involving QFC, financial institutions such as the Qatar Investment Authority, local banks, universities, and training providers to co-design curricula that reflect industry needs, especially in fintech, risk management, and data analytics. Highlighting the need for leveraging the newly established Financial Sectoral Council as the formal co-ordination body for this dialogue; the report said with representation from the Ministry of Labour, Ministry of Education and Higher Education, Qatar's universities, Qatar Career Development Center, and other key stakeholders, the council can lead on defining skills priorities, setting qualification frameworks, and overseeing workforce planning. It suggested expanding joint academic-industry programmes, including dual education pathways, executive education courses, and industry-endorsed certification programmes. There is a need to ensure frequent curriculum reviews are aligned with evolving global trends, regulatory shifts, and digital transformation in the financial sector as well as to promote applied research collaborations among academia, industry, government, and global organisations to support evidence-based policymaking and innovation. Elaborating on the targeted upskilling and reskilling programmes; the joint report suggested addressing skills deficiencies and preparing the workforce for technological advancements, targeted training initiatives should be prioritised on high-impact areas. It recommended incentivising firms to adopt structured in-house training programmes, particularly for mid-career professionals, possibly through cost-sharing schemes; and designing modular training programmes tailored to support various stages of professional development, entry-level, midcareer, and senior leadership, with a focus on digital skills, regulatory compliance, and financial innovation. It also suggested improving Arabic proficiency among technical professionals through bilingual training to enhance communication and inclusion; and integrating mentorship and leadership development frameworks, especially for women and Qatari talent, to enhance retention and progression to senior roles. The QFC-ILO report suggested partnering with global institutions to deliver specialised programmes on emerging technologies and areas such as AI (artificial intelligence), business intelligence tools, blockchain, cybersecurity, and ESG (environmental, social and governance) finance. On enhancing workforce inclusion; it suggested fostering an inclusive workforce, promoting a diverse participation within the workforce is essential for long-term sustainability and competitiveness. There is a need to design targeted recruitment campaigns for underrepresented groups, particularly women, highlighting career pathways, flexible working options, and purpose-driven roles in finance; expand access to scholarships, internships, and entry level programmes for women and young Qataris, building early exposure to financial sector careers; and establish inclusive leadership and mentoring programmes that reflect gender-sensitive approaches and support retention. There is also a need to create sector-specific incentives, such as in-work benefits, career development programmes, and flexible work models, to attract and retain national talent in high demand areas; and develop internal mobility frameworks within QFC institutions to support progression and reduce turnover. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (

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