“Every tourist I’ve ever met, every [tour] group I’ve ever had, they all know the Plaza Hotel,” according to historian Kevin Draper, the founder of New York Historical Tours. (The condo-hotel units, Naftali noted, were part of a compromise with the hotel employees’ union, which was concerned about the hotel jobs that would be lost via the residential conversion.) So why did Trump decide to buy it if he didn't keep it for too long? The deal represents the latest chapter in the long and rather convoluted ownership history of the famed neo-Renaissance-style hotel at the corner of Fifth Avenue and Central Park South—one that has seen the 111-year-old property trade hands through the decades between legendary tycoons, international billionaires and, famously, the sitting president of the United States. The Plaza Hotel Located on 5th Ave. at the southeast corner of Central Park, The Plaza Hotel is one of New York’s most legendary buildings. Elias Williams for The New York Times. The Plaza Hotel. “These properties need to be maintained on an annual basis; we spent $450 million to renovate [the Plaza], but if you don’t maintain it, the property goes into disrepair,” he said. The Plaza Hotel was purchased by Katara Hospitality for $600 million in the latest chapter in the long ownership history of the famed asset. He sold it for $325 million, which means he lost around $83 million in the change of … His love for the Plaza ran deeper, though. The Plaza played a large roll in the progression in New York City’s society from … The Plaza Hotel has seen many a prominent owner, including Conrad Hilton and Donald Trump. In May, The Plaza, after all, has served as the setting for the famous Eloise children’s books and even made an appearance in the Great American Novel itself, F. Scott Fitzgerald’s, That was followed by the most infamous chapter of the Plaza’s ownership history in 1988, when Trump acquired it from Westin for roughly $400 million. Among the parties reportedly in for the Plaza this time was a partnership between minority owners Ashkenazy Acquisition Corp., the New York-based firm helmed by developer Ben Ashkenazy, and Kingdom Holding Company, a Saudi Arabian conglomerate led by Saudi Prince Al-Waleed bin Talal. Once upon a time, Donald Trump invested in one of New York's most prestigious hotels: The Plaza. 15 Foreign inspiration. Currently, the government of Qatar owns New York’s legendary palace. Among the parties reportedly in for the Plaza this time was a partnership between minority owners Ashkenazy Acquisition Corp., the New York-based firm helmed by developer Ben Ashkenazy, and Kingdom Holding Company, a Saudi Arabian conglomerate led by Saudi Prince Al-Waleed bin Talal. ... two investors have reached a deal to buy a majority share of the historic Plaza Hotel for $600 million, ... owns the remaining 25 percent of the Plaza. It all lends itself to one of those trophy assets that everyone has to own.”. Trump officially released ownership of the Plaza Hotel in 1995. Now it’s at the center of an international battle over who will control one of New York’s enduring icons. Sonnabend’s Hotel Corporation of America—now known as Sonesta International Hotels—eventually took over management of the Plaza in 1960 and operated the hotel until 1975, when it was sold to Westin International Hotels for $25 million. But, in 2019, Canadians viewing the film noticed Trump's scene was cut, which led to the president's claim his absence from the film was politically motivated by Canadian Prime Minister Justin Trudeau. Sahara earlier this month agreed to sell the Plaza to Shahal Khan, founder of Dubai-based family office White City Ventures, and Kamran Hakim, of … There's no denying The Plaza is one of the New York's most iconic institutions – and addresses.. For more than 100 years, the landmark hotel has set the bar high for luxury accomodations, both on-screen and off. But despite its illustrious past, The Plaza's had a complicated history when it comes to ownership. He sold it for $325 million, which means he lost around $83 million in the change of ownership. The Plaza was the dream of financier Bernhard Beinecke, hotelier Fred Sterry, and Harry S. Black, President of the Fuller Construction Company. His surprising decision to buy the hotel for a giant amount of money—$407.5 million, according to his real estate portfolio—in 1988 was polarizing (see his interview with Barbara Walters in 1990 regarding the decision.). The hotel opened in 1907 and has played host to some of the most famous people in the world. The Plaza, after all, has served as the setting for the famous Eloise children’s books and even made an appearance in the Great American Novel itself, F. Scott Fitzgerald’s The Great Gatsby (Fitzgerald and his wife, Zelda, frequented the hotel). Miki Naftali—the former president and CEO of Elad Properties who now leads his own eponymous development firm, the Naftali Group—recalled that at the time of Elad’s acquisition, the property “was in disrepair” and sorely in need of a revamp. While Trump owned the hotel, he made a cameo in the Christmas film, specifically, in the Plaza's famous lobby. Most of those changes had to do with interior design decisions, while Trump aimed to let the Plaza's charm and history shine through. According to Naftali, the redevelopment of the Plaza would have been impossible without the funds generated by the residential conversion, which yielded 181 privately owned condominiums that sold out for a combined $1.4 billion. The Plaza was built with the … To continue reading login or create an account. In May, The Real Deal reported that Ashkenazy and Kingdom, who together owned a 25 percent stake in the Plaza, had scuppered a separate $600 million bid for the hotel from New York developer Kamran Hakim, of the Hakim Organization, and Shahal Khan, of Dubai-based Trinity White City Ventures, by exercising a right of first refusal that they had on the asset. The marketing process saw roughly 50 different parties contacted about the possibility of acquiring the famed property—but in the end, it was the Qatar-backed entity that added the Plaza to the Gulf state’s ever-growing portfolio of global real estate holdings. The stake includes the entire 60 percent held by Elad Properties for $400 million, and 15 percent from Kingdom Holdings, controlled by Saudi billionaire Prince Alwaleed bin Talal, for $170 million. 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