The Gulf state of Qatar entered a deal to acquire New York's Plaza Hotel for approximately $600 million through the state-owned Katara Holding, according to a report from CNBC.

Katara will take over ownership of the hotel along with a 75-percent stake from Sahara India Pariwar.

The acquisition comes just a few days after United Capital Real Estate Development filed a lawsuit against Subrata Roy, chairman of Sahara India Pariwar and Sahara's U.S. division, claiming they breached a contract by seeking other buyers for the Plaza Hotel, according to Arabian Business.