Plaza Hotel: Difference between revisions

2,984 bytes added ,  1 month ago
add refs
(add refs)
{{redirect|One Central Park South|the skyscraper in Sydney|One Central Park|other uses|Plaza Hotel (disambiguation)}}
{{Use mdy dates|date=NovemberDecember 2020}}
{{Short description|Hotel in Manhattan, New York}}
{{Infobox NRHP
The '''Plaza Hotel''' (also known as '''The Plaza''') is a [[luxury hotel]] and condominium [[apartment building]] in [[Midtown Manhattan]] in [[New York City]]. It is on the western side of [[Grand Army Plaza (Manhattan)|Grand Army Plaza]], just west of [[Fifth Avenue]], between 58th Street and [[Central Park South]]. The Plaza Hotel is named for Grand Army Plaza, which in turn is at the southeastern corner of [[Central Park]]. Its primary address is at 768 Fifth Avenue, though the residential entrance is at One Central Park South.
 
The 21-story, [[French Renaissance]]-inspired [[château]]-style building was designed by [[Henry Janeway Hardenbergh]]. The facade is made of marble at the base and white brick in the intermediate stories, while the hotel is topped by a [[mansard roof]]. The ground floor contains the two primary lobbies, as well as a corridor connecting the large ground-floor restaurant spaces, including the [[Oak Room (Plaza Hotel)|Oak Room]], the Oak Bar, the Edwardian Room, the Palm Court, and the Terrace Room. The upper stories contain the ballroom and a variety of residential [[Condominium|condominiumscondominium]]s, condo-hotel suites, and short-term hotel suites. At its peak, the Plaza Hotel had over 800 rooms. Following a renovation in 2008, the building has 282 hotel rooms and 181 condos.
 
A predecessor hotel of the same name was built from 1883 to 1890. The original hotel was replaced by the current structure from 1905 to 1907; [[Warren and Wetmore]] designed an expansion to the Plaza Hotel from 1919 to 1921, and several major renovations were conducted through the rest of the 20th century. The Plaza Operating Company, which erected the current building, operated the hotel until 1943. Subsequently, it was sold to several owners during the remainder of the 20th century, including [[Conrad Hilton]], A.M. Sonnabend, [[Westin Hotels & Resorts]], [[Donald Trump]], and a partnership of [[City Developments Limited]] and [[Al-Waleed bin Talal]]. The Plaza Hotel was renovated again after [[El Ad Properties]] purchased it in 2005, and the hotel was subsequently sold to [[Sahara India Pariwar]] and finally to [[Katara Hospitality]].
The first and second stories of the facade, respectively corresponding to the ground floor and floor 1 inside,{{efn|In this article, the facade is described using the interior floor-numbering system, which uses European floor numbering. For example, the first floor is one floor above the ground level; under U.S. floor numbering, it would be considered the second floor.<ref name="wp19750615"/>}} are clad with [[Rustication (architecture)|rusticated]] blocks of [[marble]]. The third story, corresponding to floor 2 inside, contains a smooth marble surface.<ref>{{harvnb|American Architect|1907|p=134}}; {{harvnb|Landmarks Preservation Commission|1969|p=1}}; {{harvnb|National Park Service|1978|ps=.|p=2}}</ref> The Plaza Hotel contained two guest entrances in the 1907 design: the main entrance on Central Park South and a private entrance for long-term residents on 58th Street.<ref name="AA (1907) p. 134">{{harvnb|American Architect|1907|ps=.|p=134}}</ref><ref name="NYCL (1969) p. 2" /> The main entrance, in the center of the Central Park South facade, contains a porch above the three center bays, and large doorways.<ref name="NYCL (1969) p. 2">{{harvnb|ps=.|Landmarks Preservation Commission|1969|p=2}}</ref><ref name="NPS p. 5">{{harvnb|National Park Service|1978|ps=.|p=5}}</ref> Since the hotel's 2008 renovation, the Central Park South entrance has served as the entrance to the building's condominiums.<ref name="Horsley"/> The Grand Army Plaza side originally contained a terrace called the Champagne Porch,<ref name="NPS p. 2" /><ref name="NYCL (1969) p. 2" /> and three minor entrances, including one to the porch.<ref name="ABM (1907) p. 1">{{harvnb|Architects' and Builders' Magazine|1907|ps=.|p=1}}</ref><ref name="nyt19070929" /> The large central entry on that side, created in 1921, consists of six [[Tuscan order|Tuscan]]-style columns, supporting a balcony on the second story, immediately above ground level. The second and third stories at the center of the Grand Army Plaza facade contains paired [[Corinthian order|Corinthian]]-style pilasters supporting an entablature.<ref name="NPS p. 2" /><ref name="NYCL (1969) p. 2" />
 
The fourth through fifteenth stories, respectively corresponding to interior floors 3 through 14 inside respectively, are clad with white brick and typically contain rectangular windows.<ref name="NPS p. 2" /><ref>{{harvnb|Architects' and Builders' Magazine|1907|p=1}}; {{harvnb|Landmarks Preservation Commission|1969|p=2}}; {{harvnb|National Park Service|1978|ps=.|p=2}}</ref> These stories contain terracotta veneers that harmonize with the marble facade below it and the mansard roof above.<ref name="AA (1907) p. 134" /><ref name="ABM (1907) p. 1" /> At the center of the Central Park South facade, the five center bays at the twelfth and thirteenth stories (floors 11 and 12) contain an [[Arcade (architecture)|arcade]] composed of arches with paired pilasters. On the Grand Army Plaza side, there are horizontal [[band course]]s above the thirteenth story.<ref name="NYCL (1969) p. 2" /> The 58th Street facade is a scaled-down version of the two primary elevations on Grand Army Plaza and Central Park South.<ref name="NPS p. 5" /> A marble balcony runs above the thirteenth story on all sides.<ref name="NPS p. 2" /><ref name="NYCL (1969) p. 2" />
 
The top floors are within a green-tile [[mansard roof]] with copper trim.<ref>{{harvnb|American Architect|1907|p=134}}; {{harvnb|Landmarks Preservation Commission|1969|p=2}}; {{harvnb|National Park Service|1978|ps=.|p=2}}</ref> The Grand Army Plaza side contains a [[gable]], while the 58th Street and Central Park South side has [[dormer]] windows on the sixteenth through nineteenth stories, corresponding to interior floors 15 through 18. The turrets on the northeastern and southeastern corners are topped by domed roofs.<ref name="NYCL (1969) p. 2" /><ref name="NPS p. 5" /> The twentieth story (floor 19) is the top story of the mansard roof; above it is a twenty-first-story penthouse, labeled as floor 20.<ref name="Horsley" /><ref name="Tzeses">{{cite web|last=Tzeses|first=Jennifer|title=The Plaza’s Only Triplex Penthouse Is for Sale for $50 Million|url=https://www.architecturaldigest.com/gallery/the-plaza-triplex-penthouse-new-york|access-date=November 1, 2020|website=Architectural Digest}}</ref>
 
=== Interior ===
The Plaza Hotel was developed with a steel frame superstructure with hollow tile floors, as well as wire-glass enclosures around all stairways and elevators.<ref name="AA (1907) p. 134" /> Originally, five marble staircases led from the ground floor to all of the other floors.<ref name="Arch (1907) p. 179"/><ref name="ABM (1907) p. 16"/> As constructed, the stories above the ground floor surrounded a large courtyard,<ref name="nyt19070929" /> which was covered over with office space in a 1940s renovation.<ref name="NPS p. 5" /><ref name="nyt19820927">{{Cite news|last=Goldberger|first=Paul|date=September 27, 1982|title=At 75, Plaza Hotel Seeks to Remain Forever Old; an Appraisal|language=en-US|work=The New York Times|url=https://www.nytimes.com/1982/09/27/nyregion/at-75-plaza-hotel-seeks-to-remain-forever-old-an-appraisal.html|url-status=live|access-date=November 25, 2020|issn=0362-4331}}</ref> Hardenbergh, in designing the Central Park South foyer, had believed the lobby to be the most important space in the hotel,<ref name="NYCL p. 10">{{harvnb|Landmarks Preservation Commission|2005|ps=.|p=10}}</ref><ref name="Hardenbergh 1902" /> as did Warren and Wetmore when they designed the Fifth Avenue lobby.<ref name="AF-1923-11">{{cite journal|last=Hopkins|first=Walter|date=November 1923|title=Architectural Design for Hotel Interiors|url=https://usmodernist.org/AF/AF-1923-11.pdf|journal=Architectural Forum|pages=205, 208}}</ref><ref name="NYCL pp. 12-13">{{harvnb|Landmarks Preservation Commission|2005|ps=.|pp=12–13}}</ref> Furthermore, Warren and Wetmore had thought restaurants to be the second most significant space in a hotel, in designing the Terrace Room.<ref name="AF-1923-11" /><ref name="NYCL p. 13" />
 
There were originally laundry rooms in the basement and on floor 18.<ref name="AA (1907) p. 136" /><ref name="ABM (1907) p. 25">{{harvnb|Architects' and Builders' Magazine|1907|ps=.|p=25}}</ref> The basement also contained a grill room, kitchen, various refrigeration rooms, and amenities such as a [[Turkish bath]] and a barber shop when it opened in 1907.<ref name="nyt19070929" /><ref name="ABM (1907) p. 8">{{harvnb|Architects' and Builders' Magazine|1907|ps=.|p=8}}</ref> Concealed within the mansard roof were originally the housekeepers' quarters and maids' dormitories; the eighteenth floor had carpentry, ironing, and tailors' departments.<ref>''Hotel Monthly'' 15, no. 176 (November 1907), cited in {{harvnb|Satow|2019|ps=.|loc=chapter 1}}</ref> The spaces on floor 18 had become offices by the late 20th century.<ref name="Satow ch. 11">{{harvnb|Satow|2019|ps=.|loc=chapter 11}}</ref>
==== Condominiums and suites ====
[[File:Plaza Hotel corridor, Sept 2017.jpg|thumb|Suite hallway]]
The Plaza Hotel's condominiums and suites start at the third story, labeled as floor 2.<ref name="ABM (1907) p. 142">{{harvnb|Architects' and Builders' Magazine|1907|ps=.|p=14}}</ref> As built, they contained three primary types of suites: those with one bedroom and one bathroom; those with two bedrooms and two bathrooms; and those with a parlor and a varying number of beds and baths.<ref name="rer19070914" /><ref name="Frohne pp. 352-353">{{harvnb|Frohne|1907|ps=.|pp=352–353}}</ref> The walls were originally painted in rose, yellow, cream, and gray hues.<ref name="Gathje p. 81">{{harvnb|Gathje|2000|ps=.|p=81}}</ref> For decorative effect, the rooms contained wooden wainscoting and furniture, while the plaster ceilings contained crystal chandeliers.<ref name="Gathje pp. 81-82">{{harvnb|Gathje|2000|ps=.|pp=81&ndash;8281–82}}</ref> A guest or resident could request multiple suites, since there were smaller private hallways adjacent to the main hallway on each floor. There were also staff rooms at the corners of the main corridor on each floor.<ref name="nyt19070929" /><ref name="ABM (1907) p. 16">{{harvnb|Architects' and Builders' Magazine|1907|ps=.|p=16}}</ref><ref name="Frohne pp. 352-353" /> Dumbwaiters led from the staff rooms to the basement kitchen, allowing guests to order meals and eat them in-suite.<ref name="nyt19070929" /><ref name="Harris pp. 22-23">{{harvnb|Harris|1981|ps=.|pp=22–23}}</ref><ref name="ABM (1907) p. 22">{{harvnb|Architects' and Builders' Magazine|1907|ps=.|p=22}}</ref>
 
Following its 2008 renovation, the building contains 181 privately owned condominiums, which are marketed as the Plaza Residences or One Central Park South.<ref name="aia5" /><ref name="Mashayekhi 2018" /><ref>{{Cite news|last=Haughney|first=Christine|date=February 17, 2008|title=It’s Lonely at the Plaza Hotel ...|language=en-US|work=The New York Times|url=https://www.nytimes.com/2008/02/17/fashion/17plaza.html|access-date=November 30, 2020|issn=0362-4331}}</ref> The condominiums are on the northern and eastern sides of the building and contain a variety of layouts, from studio apartments to three-story penthouse units. The condos' interior furnishings include parquet floors and stone counters, and largely reflect the original design of these rooms.<ref name="Horsley">{{Cite web|title=The Plaza, 1 Central Park South|first=Carter|last=Horsley|url=https://www.cityrealty.com/nyc/midtown-west/the-plaza-1-central-park-south/30362|access-date=November 30, 2020|website=City Realty|language=en}}</ref> There are also 282 hotel units on the southern side of the building. Of these, 152 condo-hotel units occupy the eleventh through twenty-first stories, respectively labeled as floors 10 through 20. The condo-hotel units serve as residences for investors or staff for up to four months a year, and are used as short-term hotel units for the remaining time. In addition, there are 130 rooms exclusively for short-term stays on the fourth through tenth stories, respectively labeled as floors 3 through 9.<ref name="Horsley" /><ref name="latimes20080303" /><ref name="Mashayekhi 2018" /> The hotel portion of the building retains a butler on each floor, reminiscent of the hotel's original ambience.<ref name="latimes20080303" />
 
Hardenbergh's design included the State Apartments on the northern side of floor 1.<ref name="Frohne p. 356">{{harvnb|Frohne|1907|ps=.|p=356}}</ref><ref name="AA (1907) pp. 134-135">{{harvnb|American Architect|1907|ps=.|pp=134–135}}</ref> The [[state room]] was one of the most lavish suites in the entire hotel; it had a drawing room, antechambers, dining rooms, bedrooms and bathrooms, and food storage.<ref name="AA (1907) p. 135" /> Also on floor 1 were private banquet, reception, and card rooms.<ref name="nyt19070929" /><ref name="Frohne p. 352" /><ref name="ABM (1907) p. 14" /> The state room was turned into a private dining area and restored in 1974.<ref name="NPS p. 6" /> Similarly ornate suites were located along the Central Park South side on eleven of the upper floors.<ref name="Gathje p. 81" /> The twenty-first story (labeled as floor 20) was created as part of the 2008 renovation, and is part of a four-bedroom penthouse, the largest condominium in the building.<ref name="Tzeses" /><ref>{{cite web|last=Tzeses|first=Jennifer|title=The Plaza’s Only Triplex Penthouse Is for Sale for $50 Million|url=https://www.architecturaldigest.com/gallery/the-plaza-triplex-penthouse-new-york|access-date=November 1, 2020|website=Architectural Digest}}</ref>
For unknown reasons, Warren and Wetmore's ballroom was reconstructed from June to September 1929, based on neoclassical designs by Schultze & Weaver.<ref name="NYCL p. 36" /> Shortly afterward, U.S. Realty's stock price collapsed in the [[Wall Street Crash of 1929|Wall Street Crash]] of October 1929, from which commenced the [[Great Depression in the United States]].<ref name="Satow ch. 5" /> Plaza Hotel co-owner Harry Black killed himself the following year in 1930,<ref>{{Cite news|date=July 20, 1930|title=H.s. Black Ends Life by Bullet in Home|language=en-US|work=The New York Times|url=https://www.nytimes.com/1930/07/20/archives/hs-black-ends-life-by-bullet-in-home-no-motive-revealed-financier.html|url-status=live|access-date=November 28, 2020|issn=0362-4331}}</ref> and his partner Bernhard Beinecke died two years later.<ref>{{Cite news|date=December 21, 1932|title=Bernhard Beinecke Dies; a Hotel Man|language=en-US|work=The New York Times|url=https://www.nytimes.com/1932/12/21/archives/bernhad-beinecke-dies-a-hotel-man-chairman-of-board-of-plaza-86.html|url-status=live|access-date=November 28, 2020|issn=0362-4331}}</ref> The rebuilt Plaza's first manager, Fred Sterry, died in 1933.<ref>{{Cite news|date=August 15, 1933|title=To Manage Hotel Plaza.; Henry A. Host Will Fill Position of the Late Frederic Sterry|language=en-US|work=The New York Times|url=https://www.nytimes.com/1933/08/15/archives/to-manage-hotel-plaza-henry-a-host-will-fill-position-of-the-late.html|url-status=live|access-date=November 26, 2020|issn=0362-4331}}</ref> The early 1930s were also financially difficult for the Plaza Hotel, as only half of the suites were occupied by 1932. To reduce operating costs for the hotel's restaurants, the grill room in the basement was converted into a closet, while the Rose Room became an automobile showroom. The furnishings of the Plaza Hotel fell into disrepair and, during some months, management was unable to pay staff.<ref name="Satow ch. 6" />
 
By the mid-1930s, the old tea room was officially known as the Palm Court, having been frequently referred to as the "Palm Room" for the previous decade.<ref>{{harvnb|Brown|1967|p=79}}; {{harvnb|Harris|1981|p=38}}; {{harvnb|Landmarks Preservation Commission|2005|ps=.|p=15}}</ref> The back room was reopened as the Oak Room restaurant in 1934,<ref name="NYCL p. 15">{{harvnb|Landmarks Preservation Commission|2005|ps=.|p=15}}</ref><ref name="Gathje p. 32">{{harvnb|Gathje|2000|ps=.|p=32}}</ref> although it was still referred to as the "back room" by its frequent visitors, which included bankers and brokers.<ref name="Harris p. 51">{{harvnb|Harris|1981|ps=.|p=51}}</ref> The same year, the Fifth Avenue lobby received display windows and a doorway on the southern wall were added to the Fifth Avenue lobby, and the southeastern corner of the ground floor was refurbished into the Persian Room.<ref name="Brown p. 76" /><ref>{{cite news|date=January 31, 1934|title=Hotel Plaza Plans New Cocktail Room: Corner at 5th Av. And 58th St. Will Be Fitted Up at Cost of $50,000|page=34|work=The New York Times|id={{ProQuest|101079852}}|issn=0362-4331}}</ref>
 
=== Mid-20th century ===
In November 1974, [[Westin Hotels|Western International Hotels]] announced its intention to buy the Plaza Hotel from Sonesta for $25&nbsp;million.{{efn-lg|Equivalent to ${{Inflation|US-GDP|25|1974|r=2}} million in {{Inflation year|US-GDP}}{{inflation/fn|index=US-GDP|group=lower-alpha}}}}<ref>{{Cite news|date=November 13, 1974|title=Western Hotels Co. Buying the Plaza For $25‐Million|language=en-US|work=The New York Times|url=https://www.nytimes.com/1974/11/13/archives/western-hotels-co-buying-the-plaza-for-25million.html|access-date=July 9, 2020|issn=0362-4331}}</ref> The same year, the Edwardian Room was largely restored to designs by Charles Winslow, being rebranded as the Plaza Suite.<ref name="NYCL p. 27">{{harvnb|Landmarks Preservation Commission|2005|ps=.|p=27}}</ref><ref name="Harris p. 43">{{harvnb|Harris|1981|ps=.|p=43}}</ref><ref>{{Cite news|last=Goldberger|first=Paul|date=February 12, 1974|title=Plaza Turning Back Clock to ‘1907‐New’ Look|language=en-US|work=The New York Times|url=https://www.nytimes.com/1974/02/12/archives/plaza-turning-back-clock-to-1907new-look-a-softer-glow.html|url-status=live|access-date=November 28, 2020|issn=0362-4331}}</ref> Following Western International's acquisition of the Plaza, it renovated the interior spaces, cleaned the exterior, and restored many of the original designs,<ref name="nyt19820927" /><ref name="wp19750615" /> at a total cost of $200 million.<ref name="newsday19880328">{{cite news|last=Moss|first=Michael|date=March 28, 1988|title=5-Star Facelift; Trump to make over city's Plaza Hotel|page=02|work=Newsday|id={{ProQuest|277975654}} }}</ref> The four hydraulic elevators serving the Central Park South lobby, among the last of their type in the city, were also replaced with electric elevators in 1976.<ref name="nyt19760415" /> Westin also bought the Shinn murals that year for $1 million; they had not been part of the original sale.<ref>{{Cite news|date=May 18, 1976|title=Plaza Buys Murals By Everett Shinn From Old Owners|language=en-US|work=The New York Times|url=https://www.nytimes.com/1976/05/18/archives/plaza-buys-murals-by-everett-shinn-from-old-owners.html|url-status=live|access-date=November 29, 2020|issn=0362-4331}}</ref> The next year, a 204-seat theater called Cinema 3 opened in the basement.<ref>{{Cite news|last=Goldberger|first=Paul|date=March 24, 1977|title=Design Notebook: Inglorious Urban Entries See a Movie In Style Order Carved Out of Openness|language=en-US|work=The New York Times|url=https://www.nytimes.com/1977/03/24/archives/design-notebook-inglorious-urban-entries.html|url-status=live|access-date=November 29, 2020|issn=0362-4331}}</ref> The Persian Room was closed in 1978 and a clothing boutique opened in its place.<ref name="Satow ch. 10" /> Westin had planned to restore the Palm Court's skylight, but this did not happen.<ref name="newsday19880720" />
 
By the late 1970s, the Plaza Hotel was again making a net profit.<ref name="Satow ch. 10" /> Western International changed its name to Westin Hotels in 1981 and the hotel was renamed soon after, becoming ''The Westin Plaza''.<ref>{{Cite news|date=August 3, 1985|title=In Hotels View, It's Better to Give|language=en-US|work=The New York Times|url=https://www.nytimes.com/1985/08/03/business/in-hotels-view-it-s-better-to-give.html|access-date=July 9, 2020|issn=0362-4331}}</ref> However, Westin started to lose money in the late 1980s. By 1987, Westin's parent company [[Allegis Corporation]] announced its intent to sell the Plaza, generating interest from at least 150 investors.<ref>{{Cite news|last=Meyers|first=William H.|date=September 25, 1988|title=Stalking the Plaza|language=en-US|work=The New York Times|url=https://www.nytimes.com/1988/09/25/magazine/stalking-the-plaza.html|url-status=live|access-date=November 28, 2020|issn=0362-4331}}</ref> The Plaza, along with the rest of the Westin chain,<ref>{{cite news|date=October 28, 1987|title=Allegis to Sell Its Westin Unit For $1.35 Billion --- Accord With Bass Group, Aoki Moves Firm Closer To Restructuring Goal|page=1|work=Wall Street Journal|id={{ProQuest|398140080}} |issn=0099-9660}}</ref> were transferred to the [[Aoki Corporation]] and [[Robert M. Bass]] in January 1988.<ref name="wsj19880318">{{cite news|date=March 18, 1988|title=Trump Has Agreed To Purchase Plaza Hotel, Sources Say: Trump Agrees to Buy Famous Plaza Hotel From Bass and Aoki|page=2|work=Wall Street Journal|id={{ProQuest|135320103}} |issn=0099-9660}}</ref> Shortly afterward, Philip Pilevsky and [[Arthur G. Cohen]] expressed their intent to buy the Plaza and turn it into a hotel-cooperative.<ref>{{Cite news|last=Foderaro|first=Lisa W.|date=February 27, 1988|title=Plaza Hotel May Be Sold for Co-ops|language=en-US|work=The New York Times|url=https://www.nytimes.com/1988/02/27/nyregion/plaza-hotel-may-be-sold-for-co-ops.html|url-status=live|access-date=November 28, 2020|issn=0362-4331}}</ref>
 
==== Trump ownership ====
The Plaza was sold to real estate developer [[Donald Trump]] in March 1988 following a [[handshake agreement]];<ref name="wsj19880318" /><ref>{{cite news|date=March 19, 1988|title=Trump May Buy Plaza Hotel; Sues to Block Resorts Bid|page=13|work=Newsday|id={{ProQuest|277985843}} }}</ref> the sale was valued at either $390 million<ref>{{Cite news|last=Cole|first=Robert J.|date=March 27, 1988|title=Plaza Hotel Is Sold To Donald Trump For $390 Million|language=en-US|work=The New York Times|url=https://www.nytimes.com/1988/03/27/nyregion/plaza-hotel-is-sold-to-donald-trump-for-390-million.html|access-date=July 9, 2020|issn=0362-4331}}</ref> or $410 million.<ref>{{cite news|date=March 28, 1988|title=Trump to Pay $410 Million for Plaza; Developer Vows to Restore Hotel's Luster|page=4|work=Wall Street Journal|id={{ProQuest|135376084}} |issn=0099-9660}}</ref> After gaining title in July of that year, Trump appointed his wife [[Ivana Trump|Ivana]] as the hotel's president.<ref>{{cite news|title=Ivana Trump: Hard work, discipline and self-reliance|newspaper=Tampa Bay Times|first=Marion M.|last=White|date=September 26, 1988|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0EB528F413ED16AC&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref><ref name="newsday19880720">{{cite news|date=July 20, 1988|title=Playing The Palm Court As a Trump Card Says Ivana Trump, `We appreciate the old beauty|page=04|work=Newsday|id={{ProQuest|277975714}} }}</ref> The Trumps subsequently announced a major renovation program, which entailed restoring the lobby and some of the other interior elements.<ref name="newsday19880328" /><ref>{{Cite news|last=Dunlap|first=David W.|date=December 20, 1988-12-20|title=Trumps Plan to Revamp The Plaza in a Big Way|language=en-US|work=The New York Times|url=https://www.nytimes.com/1988/12/20/nyregion/trumps-plan-to-revamp-the-plaza-in-a-big-way.html|url-status=live|access-date=December 1, 2020-12-01|issn=0362-4331}}</ref> The work also involved gilding many surfaces, replacing carpets, and reupholstering furniture.<ref>{{cite news|last=Revson|first=James A.|date=September 21, 1989|title=Donald and Ivana Glitz the Plaza|page=04|work=Newsday|id={{ProQuest|1943384125}} }}</ref> The hotel made a modest profit for about two years after Trump's purchase, largely from increased occupancy, suite rates, and banquet bookings.<ref>{{Cite journal|last=Agovino|first=Theresa|date=January 29, 1990|title=Profit in Sight for a Rejuvenated Plaza|id={{ProQuest|219134786}}|journal=Crain's New York Business|volume=6|issue=5|pages=1}}</ref>
 
Trump had borrowed extensively to purchase the Plaza Hotel, but its [[operating income]] was several million dollars below the [[Break-even (economics)|breakeven]] point.<ref name="Mashayekhi 2018" /><ref>{{Cite news|last=Norris|first=Floyd|date=June 5, 1990|title=A Haze of Debt Clouds The Plaza Hotel's Gleam|language=en-US|work=The New York Times|url=https://www.nytimes.com/1990/06/05/business/a-haze-of-debt-clouds-the-plaza-hotel-s-gleam.html|access-date=July 9, 2020|issn=0362-4331}}</ref> As a result, the Plaza Hotel's debt ultimately grew to $600 million.<ref name="Sun Sentinel 1992">{{Cite news|last=Reuters|first=|date=March 19, 1992|title=Trump Relinquishing Half of Plaza Hotel Sale of Suites as Condos Fails to Raise Cash|page=2D|work=Sun Sentinel|id={{ProQuest|388941901}} }}</ref> By 1991, Trump was making plans to pay off the hotel's debt by selling off the vast majority of its units as [[condominium]]s. Trump estimated that the conversion would net $750 million, almost twice the purchase price.<ref>{{cite news|date=April 10, 1991|title=Trump planning to convert posh Plaza Hotel into condos|page=16|work=Star-Gazette|location=Elmira, NY|url=https://www.newspapers.com/clip/64215188/|access-date=November 29, 2020|via=newspapers.com {{open access}}}}</ref><ref>{{Cite news|last=Hylton|first=Richard D.|date=April 9, 1991|title=Trump Aims to Turn Most of Plaza Hotel Into Condominiums|language=en-US|work=The New York Times|url=https://www.nytimes.com/1991/04/09/business/trump-aims-to-turn-most-of-plaza-hotel-into-condominiums.html|url-status=live|access-date=November 29, 2020|issn=0362-4331}}</ref><ref>{{cite news|title=Trump expected to sell rooms in Plaza Hotel|newspaper=Los Angeles Daily News|first=Richard D.|last=Hylton|date=April 9, 1991|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0EF612924BA52D15&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref> Trump also considered converting the offices within the mansard roof to penthouse condos.<ref name="Satow ch. 11" /><ref>{{Cite news|last=Lueck|first=Thomas J.|date=June 3, 1990|title=Reaching for the Sky to Add a Room|language=en-US|work=The New York Times|url=https://www.nytimes.com/1990/06/03/realestate/reaching-for-the-sky-to-add-a-room.html|url-status=live|access-date=November 30, 2020|issn=0362-4331}}</ref> The conversion plan failed because of a drop-off in prices in the city's real estate market.<ref name="Satow ch. 11" /><ref name="Sun Sentinel 1992" /> As a last resort, in March 1992, Trump approached the Plaza's creditors, a group of seventy banks led by [[Citibank]], who agreed to take a 49% stake in the hotel in exchange for forgiveness of $250&nbsp;million in debt and an interest rate reduction.<ref name="Sun Sentinel 1992" /><ref>{{cite news|title=Trump yields 49% of Plaza Hotel in N.Y.|newspaper=The Star-Ledger|location=Newark, NJ|date=March 19, 1992|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F12246C4B02ABA3B8&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref><ref>{{cite news|last=Lowenstein|first=Roger|date=March 19, 1992|title=Trump Agrees to Give Lenders 49% of Plaza Hotel|page=A5|work=Wall Street Journal|id={{ProQuest|135320103}}| issn=0099-9660}}</ref> The agreement was submitted as a [[prepackaged bankruptcy]] in November 1992<ref>{{cite news|date=November 4, 1992|title=Prepackaged Bankruptcy Is Filed for Plaza Hotel|page=A6|work=Wall Street Journal|id={{ProQuest|398326488}}|issn=0099-9660}}</ref><ref>{{Cite news|date=November 4, 1992|title=Company News; Trump Revises Plaza Loan|language=en-US|work=The New York Times|url=https://www.nytimes.com/1992/11/04/business/company-news-trump-revises-plaza-loan.html|url-status=live|access-date=November 30, 2020|issn=0362-4331}}</ref> and approved the next month.<ref>{{Cite news|last=Reuters|date=December 12, 1992|title=Company News; Trump's Plaza Hotel Bankruptcy Plan Approved|language=en-US|work=The New York Times|url=https://www.nytimes.com/1992/12/12/business/company-news-trump-s-plaza-hotel-bankruptcy-plan-approved.html|access-date=July 9, 2020|issn=0362-4331}}</ref>
 
==== Sale to Kwek and Al-Waleed ====
By 1994, Trump was looking to sell the Plaza before Citibank and other creditors could find a buyer, thereby wiping out his investment; one of his executives identified Hong Kong-based [[Sun Hung Kai Properties]] as a potential buyer. The deal fell through after the family of Sun Hung Kai executive [[Walter Kwok]] got trapped behind a jammed door while touring the Plaza Hotel.<ref name="Satow ch. 12">{{harvnb|Satow|2019|ps=.|loc=chapter 12}}</ref><!-- Trump, attempting to maintain public appearances, threatened to sue the ''New York Post'' that December for reporting onthat anotherthe potential[[Sultan of Brunei]], [[Hassanal Bolkiah]], had made an offer for the buyerhotel.<ref name="Satow ch. 12" /><ref>{{cite news|last=Henry|first=David|date=December 22, 1994|title=Trump Says He'll Sue Post for $500M|page=A53|work=Newsday|id={{ProQuest|278840199}}}}</ref>--> Meanwhile, the creditors had also identified Singaporean developer [[Kwek Leng Beng]] as a likely buyer.<ref name="Satow 2019">{{cite web|last=Satow|first=Julie|date=May 23, 2019|title=That Time Trump Sold the Plaza Hotel at an $83 Million Loss|url=https://www.bloomberg.com/news/features/2019-05-23/that-time-trump-sold-the-plaza-hotel-at-an-83-million-loss|access-date=November 25, 2020|website=Bloomberg.com}}</ref> Kwek's company, Singaporean chain [[City Developments Limited]] (CDL), offered to take over the creditors' ownership stake.<ref>{{Cite news|last=Barron|first=James|date=January 11, 1995|title=Company News; Singapore Chain Seeks Plaza Hotel Stake|language=en-US|work=The New York Times|url=https://www.nytimes.com/1995/01/11/business/company-news-singapore-chain-seeks-plaza-hotel-stake.html|url-status=live|access-date=November 29, 2020|issn=0362-4331}}</ref> Saudi prince [[Al-Waleed bin Talal]] was also interested in buying the Plaza, and by March 1995, Al-Waleed and CDL had raised $325 million for a controlling stake.<ref>{{cite news|last=Sutton|first=Larry|last2=Michelini|first2=Alex|date=March 16, 1995|title=Looking to Trump two on Plaza deal|page=1272|work=New York Daily News|url=https://www.newspapers.com/clip/64215917/|access-date=November 26, 2020|via=newspapers.com {{open access}}}}</ref> Trump unsuccessfully petitioned Kwek to partner with him instead of Al-Waleed.<ref name="wsj19970219">{{cite news|last=Pacelle|first=Mitchell|date=February 19, 1997|title=Asian Investors Buy Up Hotels in U.S., Europe, But Move Cautiously|page=A1|work=Wall Street Journal|id={{ProQuest|1619948359}}|issn=0099-9660}}</ref>
 
Trump sold the controlling stake to Kwek and Al-Waleed in April 1995.<ref>{{cite news|date=April 12, 1995|title=Trump selling controlling interest in Plaza Hotel|page=44|work=Journal News|url=https://www.newspapers.com/clip/64216225/|access-date=November 29, 2020|via=newspapers.com {{open access}}}}</ref><ref>{{Cite news|last=Gilpin|first=David|last2=Stout|first2=Kenneth N.|date=April 12, 1995|title=Trump Is Selling Plaza Hotel To Saudi and Asian Investors|language=en-US|work=The New York Times|url=https://www.nytimes.com/1995/04/12/business/trump-is-selling-plaza-hotel-to-saudi-and-asian-investors.html|access-date=July 9, 2020|issn=0362-4331}}</ref> As part of the transaction, the hotel's debt was cut by $25 million and Kwek and Al-Waleed each bought a 42 percent stake. Citibank received the other 16 percent stake, a move intended to prevent Trump from intervening in the sale.<ref name="Satow ch. 12" /><ref name="Satow 2019" /><ref name="wsj19970219" /> The partnership also agreed that, if the mansard penthouses were ever created, some of the profits would be shared with Trump.<ref name="Satow ch. 12" /> In 1997, Hong Kong developer [[Great Eagle Holdings]] agreed to buy half of Al-Waleed's stake in the Plaza Hotel.<ref>{{Cite news|date=September 30, 1997|title=Metro Business; New Plaza Hotel Owner|language=en-US|work=The New York Times|url=https://www.nytimes.com/1997/09/30/nyregion/metro-business-new-plaza-hotel-owner.html|url-status=live|access-date=November 29, 2020|issn=0362-4331}}</ref> DiLorenzo International renovated the ballroom in the mid-1990s,<ref name="NYCL p. 36" /> and Adam Tihany refurbished the Edwardian Room prior to 2001.<ref name="NYCL p. 27" /> The Plaza was highly profitable in the late 1990s, with operating income of almost $46 million at the end of that decade.<ref name="Satow ch. 12" />
 
=== 21st century ===
==== Sale to El Ad ====
[[File:Plaza Hotel Birthday Celebration.JPG|thumb|The Plaza Hotel turned 100 years old in October 2007, celebrating with ceremonies and fireworks]]
 
The [[September 11 attacks]] in 2001 resulted in a downturn in the New York City tourism industry. Correspondingly, the Plaza's operating profits decreased greatly, leaving Kwek and Al-Waleed unable to refurbish the Plaza as they had previously planned to do.<ref name="Satow ch. 12" /> In 2004, they sold the Plaza Hotel for $675 million to developer [[El Ad Properties]], though Al-Waleed.<ref>{{Cite news|last=Barron|first=James|date=August 14, 2004|title=Eloise Gets a New Landlord: Plaza Sells for $675 Million|language=en-US|work=The New York Times|url=https://www.nytimes.com/2004/08/14/nyregion/eloise-gets-a-new-landlord-plaza-sells-for-675-million.html|access-date=July 9, 2020|issn=0362-4331}}</ref><ref>{{cite news|date=August 16, 2004|title=Elad Properties: Plaza Hotel Will Change Hands In a $675 Million Transaction|page=A6|work=Wall Street Journal|id={{ProQuest|398907334}}|issn=0099-9660}}</ref> El Ad wished to add residential and commercial units, but initially faced pushback from hotel unions and preservationists, who opposed El Ad's plan to remove most of the hotel rooms and convert the restaurant spaces to stores.<ref name="Satow ch. 13"/><ref>{{cite web|title=Council fights hotels-to-condos trend|url=https://www.newsday.com/business/technology/council-fights-hotels-to-condos-trend-1.653200|access-date=November 30, 2020|website=Newsday}}</ref> After over sixty hours of discussions between El Ad and the hotel unions,<ref name="Satow ch. 13" /> they came to an agreement on April 14, 2005, in which El Ad would convert fewer units to apartments, while preserving more of the hotel suites.<ref>{{Cite news|date=April 14, 2005|title=Mayor Announces Deal to Ease Job Cuts in Plaza Hotel Overhaul (Published 2005)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2005/04/14/nyregion/mayor-announces-deal-to-ease-job-cuts-in-plaza-hotel-overhaul.html|access-date=November 30, 2020|issn=0362-4331}}</ref><ref>{{cite web|last=Steele|first=Lockhart|date=April 14, 2005|title=Breaking: Plaza Hotel 'Saved,' Sort Of|url=https://ny.curbed.com/2005/4/14/10615138/breaking-plaza-hotel-saved-sort-of|access-date=November 30, 2020|website=Curbed NY}}</ref>
 
The Plaza Hotel temporarily closed for a $450 million renovation on April 30, 2005, two weeks after the agreement had been brokered.<ref>{{Cite news|date=March 5, 2005|title=The Plaza Says It'll Be History After April 30|language=en-US|work=The New York Times|url=https://www.nytimes.com/2005/03/05/nyregion/the-plaza-says-itll-be-history-after-april-30.html|access-date=July 9, 2020|issn=0362-4331}}</ref><ref>{{cite news|last=Danto|first=Ginger|title=Suite Deal for the Plaza|work=Brandweek|date=April 25, 2005|page=30}}</ref> The Plaza's furnishings were auctioned on-site and at a 2006 [[Christie's]] auction.<ref name="Gura p. 95" /> [[Fairmont Hotels and Resorts]] took over operation of the hotel portion.<ref>{{Cite news|title=Fairmont to manage New York City's Plaza Hotel|language=en-US|work=CBC|url=https://www.cbc.ca/news/business/fairmont-to-manage-new-york-city-s-plaza-hotel-1.565230|access-date=November 23, 2020}}</ref> During the renovation, most of the short-term hotel rooms were converted into residential units,<ref name="Mashayekhi 2018" /> and the Palm Court's stained glass ceiling was restored.<ref name="nyt20051212" /><ref name="latimes20080303" /> In addition, floors 18 and 19 were extended toward the interior courtyard, while a small floor 20 was created above the existing roof.<ref name="Horsley" /> The hotel reopened on March 1, 2008.<ref name="latimes20080303" /><ref>{{cite news|last=Baltic|first=Scott|title=New York's Plaza Hotel Reopens After $400M Renovation|url=https://www.cpexecutive.com/post/new-yorks-plaza-hotel-reopens-after-400m-renovation/|work=Commercial Property News|date=March 3, 2008|access-date=July 9, 2020}}</ref> That November, the Plaza Hotel unveiled its retail collection, an underground mall featuring luxury brands.<ref>{{Cite news|last=Dworin|first=Caroline H.|date=December 6, 2008|title=For a Luxury Mall, an Ill-Timed Debut|language=en-US|work=The New York Times|url=https://www.nytimes.com/2008/12/07/nyregion/thecity/07mall.html|url-status=live|access-date=November 30, 2020|issn=0362-4331}}</ref> Two years later, the Plaza Food Hall opened in the underground mall, anchored by the Todd English Food Hall in collaboration with chef [[Todd English]].<ref>{{Cite news|last=Collins|first=Glenn|date=November 22, 2011|title=Plaza Food Hall Is Growing|language=en-US|work=The New York Times|url=https://www.nytimes.com/2011/11/23/dining/food-hall-at-plaza-hotel-is-expanding.html|access-date=July 9, 2020|issn=0362-4331}}</ref><ref>{{Cite web|date=May 24, 2011|title=Q & A with Miki Naftali|url=https://therealdeal.com/2011/05/24/departing-elad-group-ceo-miki-naftali-brushes-off-rumored-plaza-hotel-tension-hits-the-ground-running-with-new-venture-the-naftali-group/|access-date=November 30, 2020|website=The Real Deal New York|language=en-US}}</ref> The Oak Room restaurant closed in July 2011, two years after the renovation was completed.<ref>{{Cite news|last=Buckley|first=Cara|date=May 6, 2011|title=Oak Room Is Set to Close After Rent Fight With Plaza Hotel|language=en-US|work=The New York Times|url=https://www.nytimes.com/2011/05/06/nyregion/oak-room-at-plaza-hotel-plaza-is-scheduled-to-close.html|url-status=live|access-date=November 30, 2020|issn=0362-4331}}</ref><ref name="Kludt 2011">{{cite web|last=Kludt|first=Amanda|date=May 6, 2011|title=The Plaza Hotel's Oak Room is Set to Close in July|url=https://ny.eater.com/2011/5/6/6682351/the-plaza-hotels-oak-room-is-set-to-close-in-july|access-date=November 30, 2020|website=Eater NY}}</ref>
 
====Sale to Sahara India====
In July 2012, [[Sahara India Pariwar]] agreed to buy a 75% controlling stake for $570 million from El Ad Properties.<ref name="Mashayekhi 2018">{{cite web|last=Mashayekhi|first=Rey|date=July 18, 2018|title=The Plaza Hotel - The Long and Winding Ownership History|url=https://commercialobserver.com/2018/07/the-plaza-hotel-ownership-history/|access-date=November 25, 2020|website=Commercial Observer}}</ref> Two years later, Sahara's [[Subrata Roy]] announced he was seeking a buyer for his company's majority stake in the Plaza for $4 billion.<ref name="nyt20140823">{{Cite news|last=Bagli|first=Charles V.|date=August 22, 2014|title=Legal Woes of Owners Help Put the Plaza Back in Play|language=en-US|work=The New York Times|url=https://www.nytimes.com/2014/08/23/nyregion/legal-woes-of-owners-help-put-the-plaza-back-in-play.html|access-date=July 9, 2020|issn=0362-4331}}</ref> At the time, Sahara was experiencing legal issues and was selling off other properties that it owned.<ref name="Mashayekhi 2018" /> The construction of the nearby [[Billionaires' Row (Manhattan)|Billionaires' Row]], a collection of residential skyscrapers marketed for the ultra-wealthy, also negatively affected sales at the Plaza.<ref>{{Cite web|last=Clarke|first=Katherine|title=The Plaza's Plight: Owners of apartments at the storied Central Park Hotel aren’t making the profits they’d hoped for|url=https://www.nydailynews.com/life-style/real-estate/owners-apartments-plaza-aren-big-profits-article-1.2337156|access-date=November 30, 2020|website=New York Daily News}}</ref> After Roy was unable to secure a buyer, he hired a broker in August 2017 to sell the hotel,<ref name="wsj20170822">{{Cite news|last=Karmin|first=Craig|date=August 22, 2017|title=Famed Plaza Hotel Is On the Block|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/famed-plaza-hotel-is-on-the-block-1503394221|access-date=November 27, 2020|issn=0099-9660}}</ref><ref>{{Cite news|last=Bagli|first=Charles V.|date=August 23, 2017|title=The Plaza Is for Sale, but a Part-Owner Has Other Ideas|language=en-US|work=The New York Times|url=https://www.nytimes.com/2017/08/23/nyregion/plaza-hotel-for-sale-subrata-roy.html|access-date=November 27, 2020|issn=0362-4331}}</ref> prompting inquiries from about 50 potential buyers.<ref>{{Cite news|last=Karmin|first=Craig|date=September 19, 2017|title=Dozens of Investors Show Interest in Plaza Hotel|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/several-investors-show-interest-in-plaza-hotel-1505836448|access-date=November 27, 2020|issn=0099-9660}}</ref> The same year, Saudi businessman [[Al-Waleed bin Talal]], whose [[Kingdom Holding Company]] owned a minor stake in the hotel, partnered with [[Ben Ashkenazy|Ashkenazy Acquisition Corporation]].<ref>{{Cite web|last=Warerkar|first=Tanay|date=May 25, 2017|title=Beleaguered Plaza Hotel purchase may soon be finalized|url=https://ny.curbed.com/2017/5/25/15690120/plaza-hotel-saudi-prince-sale|access-date=November 25, 2020|website=Curbed NY|language=en}}</ref> Kingdom and Ashkenazy's partnership included a [[right of first refusal]], which allowed the companies to match any third-party offer for the hotel.<ref name="wsj20170822" /> In May 2018, the Sahara Group announced it had finalized a deal with businessmen [[Shahal M. Khan]] and [[Kamran Hakim]] to buy a majority share of the hotel for $600 million.<ref>{{Cite news|last=Satow|first=Julie|date=May 4, 2018|title=Deal Is Reached to Sell the Plaza Hotel|language=en-US|work=The New York Times|url=https://www.nytimes.com/2018/05/03/nyregion/plaza-hotel-sale.html|url-status=live|access-date=November 25, 2020|issn=0362-4331}}</ref><ref>{{cite web|last=Warerkar|first=Tanay|date=May 3, 2018|title=Legendary Plaza Hotel will sell for $600M to Saudi prince|url=https://ny.curbed.com/2018/5/3/17316124/plaza-hotel-nyc-contract-sale-600-million-prince-alwaleed-bin-talal|access-date=November 25, 2020|website=Curbed NY}}</ref> However, Ashkenazy and Kingdom exercised their right of first refusal,<ref name="Mashayekhi 2018" /> sued Sahara for trying to sell the hotel to a third party,<ref>{{cite web|last=Hall|first=Miriam|date=May 21, 2018|title=Minority Owners Of The Plaza Hotel Sue Majority Owner For Trying To Sell To Third Party|url=https://www.bisnow.com/new-york/news/hotel/investors-trying-to-buy-the-plaza-hotel-are-suing-its-majority-owner-88672|access-date=November 25, 2020|website=Bisnow}}</ref><ref>{{cite web|last=Tan|first=Gillian|date=May 18, 2018|title=New York Plaza Hotel Buyers Ashkenazy, Alwaleed Sue Owner|url=https://www.bloomberg.com/news/articles/2018-05-18/alwaleed-ashkenazy-partnership-sues-over-sale-of-plaza-hotel|access-date=November 25, 2020|website=Bloomberg.com}}</ref> and received an extension to close on their purchase of the Plaza.<ref>{{cite web|last=Parker|first=Will|last2=Maurer|first2=Mark|date=June 26, 2018|title=Ashkenazy, Kingdom get extension to close on Plaza deal: sources|url=https://therealdeal.com/2018/06/26/ashkenazy-kingdom-get-extension-to-close-on-plaza-deal-sources/|access-date=November 25, 2020|website=The Real Deal New York}}</ref>
In mid-2012, [[Sahara India Pariwar]] agreed to buy a 75 percent controlling stake for $570 million from El Ad Properties.<ref name="Mashayekhi 2018">{{cite web|last=Mashayekhi|first=Rey|date=July 18, 2018|title=The Plaza Hotel - The Long and Winding Ownership History|url=https://commercialobserver.com/2018/07/the-plaza-hotel-ownership-history/|access-date=November 25, 2020|website=Commercial Observer}}</ref><ref>{{Cite web|last=Thirani|first=Neha|date=August 1, 2012|title=Indian Conglomerate Buys New York's Plaza Hotel|url=https://india.blogs.nytimes.com/2012/08/01/indian-conglomerate-buys-new-yorks-plaza-hotel/|access-date=December 1, 2020|website=India Ink|language=en-US}}</ref> The deal closed that December.<ref>{{Cite news|date=November 28, 2012|title=Plaza Hotel in New York sold to Indian billionaire|language=en-GB|work=BBC News|url=https://www.bbc.com/news/business-20530982|access-date=December 1, 2020}}</ref><ref>{{Cite web|title=Sahara group takes over New York's iconic Plaza hotel|url=https://www.ndtv.com/world-news/sahara-group-takes-over-new-yorks-iconic-plaza-hotel-506087|access-date=December 1, 2020|website=NDTV.com}}</ref> However, even at the time of the sale, Sahara was experiencing legal issues and was selling off other properties that it owned.<ref name="Mashayekhi 2018" /><ref name="Satow ch. 15">{{harvnb|ps=.|Satow|2019|loc=chapter 15}}</ref> The construction of the nearby [[Billionaires' Row (Manhattan)|Billionaires' Row]], a collection of residential skyscrapers marketed for the ultra-wealthy, also negatively affected sales at the Plaza.<ref>{{Cite web|last=Clarke|first=Katherine|title=The Plaza's Plight: Owners of apartments at the storied Central Park Hotel aren’t making the profits they’d hoped for|url=https://www.nydailynews.com/life-style/real-estate/owners-apartments-plaza-aren-big-profits-article-1.2337156|access-date=November 30, 2020|website=New York Daily News}}</ref> The Plaza's net income decreased from $3.67 million in 2012 to negative $1.2 million in 2014, a figure that declined even further to negative $10 million by 2017.<ref name="Satow ch. 15"/> Two years after buying the Plaza, Sahara's [[Subrata Roy]] announced that he was looking for a buyer for his company's $4 billion majority stake.<ref name="nyt20140823">{{Cite news|last=Bagli|first=Charles V.|date=August 22, 2014|title=Legal Woes of Owners Help Put the Plaza Back in Play|language=en-US|work=The New York Times|url=https://www.nytimes.com/2014/08/23/nyregion/legal-woes-of-owners-help-put-the-plaza-back-in-play.html|access-date=July 9, 2020|issn=0362-4331}}</ref> The Sultan of Brunei made a bid for $680 million,<ref>{{Cite news|last=Wei|first=Craig Karmin, Saurabh Chaturvedi and Lingling|date=August 16, 2014|title=Brunei Bids for New York's Plaza Hotel|language=en-US|work=Wall Street Journal|url=https://online.wsj.com/articles/sultan-of-brunei-goes-shopping-for-hotels-in-new-york-and-london-1408226335|access-date=December 1, 2020|issn=0099-9660}}</ref> which Sahara rebuffed as being too low.<ref>{{Cite web|last=Mohr|first=Ian|last2=Smith|first2=Stephanie|date=December 5, 2014|title=Plaza Hotel shoots down $680 million offer|url=https://pagesix.com/2014/12/04/plaza-hotel-shoots-down-680-million-offer/|access-date=December 1, 2020|website=Page Six|language=en-US}}</ref> After Roy was unable to secure a buyer, he hired a broker in August 2017 to sell the hotel,<ref name="wsj20170822">{{Cite news|last=Karmin|first=Craig|date=August 22, 2017|title=Famed Plaza Hotel Is On the Block|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/famed-plaza-hotel-is-on-the-block-1503394221|access-date=November 27, 2020|issn=0099-9660}}</ref><ref>{{Cite news|last=Bagli|first=Charles V.|date=August 23, 2017|title=The Plaza Is for Sale, but a Part-Owner Has Other Ideas|language=en-US|work=The New York Times|url=https://www.nytimes.com/2017/08/23/nyregion/plaza-hotel-for-sale-subrata-roy.html|access-date=November 27, 2020|issn=0362-4331}}</ref> prompting inquiries from about 50 potential buyers.<ref>{{Cite news|last=Karmin|first=Craig|date=September 19, 2017|title=Dozens of Investors Show Interest in Plaza Hotel|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/several-investors-show-interest-in-plaza-hotel-1505836448|access-date=November 27, 2020|issn=0099-9660}}</ref>
 
QatariSimultaneously, stateformer co-ownedowner hotelierAl-Waleed, whose [[KataraKingdom HospitalityHolding Company]] ultimatelynow acquiredowned fulla ownershipminor ofstake in the hotel, partnered with [[Ben Ashkenazy|Ashkenazy Acquisition Corporation]].<ref>{{Cite web|last=Warerkar|first=Tanay|date=May 25, 2017|title=Beleaguered Plaza Hotel inpurchase Julymay 2018soon be finalized|url=https://ny.curbed.com/2017/5/25/15690120/plaza-hotel-saudi-prince-sale|access-date=November 25, 2020|website=Curbed NY|language=en}}</ref> Kingdom and Ashkenazy's partnership included a [[right of first refusal]], which allowed the companies to match any third-party offer for the hotel.<ref name="Mashayekhi 2018wsj20170822" /> In May 2018, the Sahara Group announced it had finalized a deal with businessmen [[Shahal M. Khan]] and [[Kamran Hakim]] to buy a majority share of the hotel for $600 million.<ref>{{Cite webnews|last=KimSatow|first=BetsyJulie|date=JulyMay 54, 2018|title=Deal Is Reached to Sell the Plaza Hotel|language=en-US|work=The SoldNew forYork $600 MillionTimes|url=https://www.globestnytimes.com/2018/07/05/03/nyregion/plaza-hotel-sold-for-600-million/sale.html|url-status=live|access-date=November 25, 2020|websiteissn=GlobeSt|language=en0362-4331}}</ref><ref>{{cite web|last=TanWarerkar|first=GillianTanay|date=JulyMay 53, 2018|title=NYC’s HistoricLegendary Plaza Hotel Soldwill sell for $600M to QatariSaudi State-Owned Companyprince|url=https://wwwny.bloombergcurbed.com/news2018/articles5/20183/17316124/plaza-07hotel-05/nyc-scontract-historicsale-plaza600-hotelmillion-isprince-soldalwaleed-to-qatari-state-ownedbin-companytalal|access-date=November 25, 2020|website=Bloomberg.comCurbed NY}}</ref> Under Katara's ownershipHowever, theAshkenazy condominiumand unitsKingdom garneredexercised hightheir askingright prices;of forfirst instancerefusal,<ref aname="Mashayekhi four-bedroom2018" unit/> wasand listedsued Sahara for $45trying million in early 2020.to Aroundsell the same time, the Plaza's condominium board soughthotel to makea repairs to thethird facadeparty.<ref>{{Citecite web|last=Hall|first=Miriam|date=AugustMay 2821, 20202018|title=BalconyMinority RepairOwners IgnitesOf Civil War atThe Plaza Hotel OverSue UnionMajority LaborOwner For Trying To Sell To Third Party|url=https://therealdealwww.bisnow.com/2020new-york/08news/28hotel/houseinvestors-dividedtrying-plazato-residentsbuy-the-plaza-hotel-battleare-oversuing-unionits-labor/majority-owner-88672|access-date=November 3025, 2020|website=The Real Deal New York|language=en-USBisnow}}</ref><ref>{{cite Becauseweb|last=Tan|first=Gillian|date=May of the [[COVID-19 pandemic in18, 2018|title=New York City]],Plaza andHotel aBuyers correspondingAshkenazy, [[ImpactAlwaleed ofSue the COVIDOwner|url=https://www.bloomberg.com/news/articles/2018-19 pandemic on tourism05-18/alwaleed-ashkenazy-partnership-sues-over-sale-of-plaza-hotel|downturnaccess-date=November in tourism globally]]25, the2020|website=Bloomberg.com}}</ref> Plaza'sAshkenazy hoteland roomsKingdom were temporarily closed in March 2020 forreceived an indefiniteextension period,to andclose severalon hundredtheir employeespurchase wereof laidthe off.Plaza,<ref>{{cite web|last=EngquistParker|first=ErikWill|last2=Maurer|first2=Mark|date=MarchJune 2726, 20202018|title=PlazaAshkenazy, HotelKingdom inget Newextension Yorkto Cityclose Closes,on LaysPlaza Offdeal: 251sources|url=https://therealdeal.com/20202018/0306/2726/theashkenazy-plazakingdom-shutsget-downextension-andto-laysclose-on-plaza-offdeal-251sources/|access-date=November 2625, 2020|website=The Real Deal New York}}</ref> but instead opted to sell its stake to Qatari state-owned hotelier [[Katara Hospitality]], which the companies felt was better positioned to close on the sale.<ref name="Parker Maurer 2018">{{Cite news|last=Yeginsu|first=Ceylan|last2=Norman|first2=Derek M.web|date=OctoberJuly 93, 20202018|title=‘IfQatari Nogroup Touristscloses Come,on I$600M Havepurchase Noof Business’:Plaza New York’s Tourism CrisisHotel|languagefirst=en-USWill|worklast=The New York TimesParker|first2=Mark|last2=Maurer|url=https://www.nytimestherealdeal.com/20202018/1007/0903/travel/nycqatari-tourismgroup-travelcloses-restrictions.htmlon-600m-purchase-of-plaza/|access-date=NovemberDecember 261, 2020|issnwebsite=0362The Real Deal New York|language=en-4331US}}</ref>
 
====Sale to Katara Hospitality====
Katara Hospitality acquired full ownership of the Plaza Hotel in July 2018 after buying Sahara's, and Askenazy and Kingdom's, stakes.<ref name="Parker Maurer 2018" /><ref>{{Cite news|first=Craig|last=Karmin|first2=Keiko|last2=Morris|date=July 3, 2018|title=New York’s Iconic Plaza Hotel Sold to Qatar Fund for $600 Million|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/new-yorks-iconic-plaza-hotel-sold-to-qatar-fund-for-600-million-1530633873|access-date=December 1, 2020|issn=0099-9660}}</ref><ref>{{cite web|last=Tan|first=Gillian|date=July 5, 2018|title=NYC’s Historic Plaza Hotel Sold to Qatari State-Owned Company|url=https://www.bloomberg.com/news/articles/2018-07-05/nyc-s-historic-plaza-hotel-is-sold-to-qatari-state-owned-company|access-date=November 25, 2020|website=Bloomberg.com}}</ref> Under Katara's ownership, the condominium units garnered high asking prices; for instance, a four-bedroom unit was listed for $45 million in early 2020. Around the same time, the Plaza's condominium board sought to make repairs to the facade.<ref>{{Cite web|date=August 28, 2020|title=Balcony Repair Ignites Civil War at Plaza Hotel Over Union Labor|url=https://therealdeal.com/2020/08/28/house-divided-plaza-residents-hotel-battle-over-union-labor/|access-date=November 30, 2020|website=The Real Deal New York|language=en-US}}</ref> Because of the [[COVID-19 pandemic in New York City]], and a corresponding [[Impact of the COVID-19 pandemic on tourism|downturn in tourism globally]], the Plaza's hotel rooms were temporarily closed in March 2020 for an indefinite period, and several hundred employees were laid off.<ref>{{cite web|last=Engquist|first=Erik|date=March 27, 2020|title=Plaza Hotel in New York City Closes, Lays Off 251|url=https://therealdeal.com/2020/03/27/the-plaza-shuts-down-and-lays-off-251/|access-date=November 26, 2020|website=The Real Deal New York}}</ref><ref>{{Cite news|last=Yeginsu|first=Ceylan|last2=Norman|first2=Derek M.|date=October 9, 2020|title=‘If No Tourists Come, I Have No Business’: New York’s Tourism Crisis|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/10/09/travel/nyc-tourism-travel-restrictions.html|access-date=November 26, 2020|issn=0362-4331}}</ref>
 
== Residents and guests ==
Later in the 20th century, the Plaza Hotel served as home to "wealthy widows", such as performer [[Kay Thompson]], who wrote the ''[[Eloise (books)|Eloise]]'' children's book series about a young girl who lived at the hotel.<ref name="nyt20190607" /> During the Great Depression, the "wealthy widows" were considered "a tourist attraction in their own right", with their rent income keeping the hotel solvent.<ref name="Satow ch. 6" /> The hotel's other residents included playwright [[Ferenc Molnár]].<ref name="Satow ch. 6" /><ref name="Gathje p. 90">{{harvnb|Gathje|2000|ps=.|p=90}}</ref>
 
After many units were converted to condominium units in 2008, the Plaza Hotel became highly coveted as a residence foramong the richwealthy.<ref name="Satow ch. 13" /> However, only about a third of these buyers were full-time residents, with the remainder using their Plaza condominiums as [[pied-a-terre|pieds-a-terre]].<ref>{{Cite news|last=Satow|first=Julie|date=October 24, 2014|title=Pied-à-Neighborhood|language=en-US|work=The New York Times|url=https://www.nytimes.com/2014/10/26/realestate/pieds-terre-owners-dominate-some-new-york-buildings.html|access-date=December 1, 2020|issn=0362-4331}}</ref> The residents included executives such as [[Kraft Company]] CEO [[Robert Kraft]],<ref>{{Cite web|last=Keil|first=Braden|date=September 10, 2008|title=White Elephant|url=https://nypost.com/2008/09/10/white-elephant/|access-date=November 30, 2020|website=New York Post|language=en-US}}</ref> [[JetBlue]] CEO [[David Barger]],<ref>{{Cite news|last=Barbanel|first=Josh|date=September 30, 2007|title=Taking Refuge at the Plaza|language=en-US|work=The New York Times|url=https://www.nytimes.com/2007/09/30/realestate/30deal1.html|access-date=November 30, 2020|issn=0362-4331}}</ref> [[Bear Stearns]] CEO [[James Cayne]],<ref>{{Cite news|date=August 15, 2013|title=Bear Stearns's Cayne Lists in New York|language=en-US|work=Wall Street Journal|url=https://online.wsj.com/article/SB10001424127887324085304579011753073278332.html|access-date=November 30, 2020|issn=0099-9660}}</ref> [[Viacom (1952–2006)|Viacom]] CEO [[Thomas E. Dooley]],<ref>{{Cite web|date=November 20, 2007|title=When Is $7.8 M. Not A Lot? When It’s A Condo at The Plaza|url=https://observer.com/2007/11/when-is-78-m-not-a-lot-when-its-a-condo-at-the-plaza/|access-date=November 30, 2020|website=Observer|language=en-US}}</ref> [[Sony Music Entertainment]] CEO [[Doug Morris]],<ref>{{Cite web|last=Stone|first=Madeline|title=The CEO Of Sony Music Is Selling His Ritzy New York City Condo For $11.5 Million|url=https://www.businessinsider.com/doug-morris-is-selling-his-condo-for-115-million-2014-10|access-date=November 30, 2020|website=Business Insider}}</ref> and ''[[Idols (franchise)|Idols]]'' franchise producer [[Simon Fuller]].<ref>{{cite web|last=Alberts|first=Hana R.|title=Huxley Building Action; American Idol Creator Sells Plaza Pads|website=Curbed NY|date=October 16, 2014|url=https://ny.curbed.com/2014/10/16/10034812/huxley-building-action-american-idol-creator-sells-plaza-pads|access-date=November 30, 2020}}</ref> Other notable residents included musician [[Moby]],<ref>{{Cite web|last=Gould|first=Jennifer|date=March 13, 2020|title=Moby’s Central Park penthouse asking $5.75M|url=https://nypost.com/2020/03/13/mobys-central-park-penthouse-asking-5-8m/|access-date=November 30, 2020|website=New York Post|language=en-US}}</ref> developer [[Christian Candy]],<ref>{{Cite news|last=Barbanel|first=Josh|date=March 6, 2012|title=Candy Gets Taste of the Plaza|language=en-US|work=Wall Street Journal|url=https://online.wsj.com/article/SB10001424052970203370604577263714290343358.html|access-date=November 30, 2020|issn=0099-9660}}</ref> and fashion designer [[Tommy Hilfiger]].<ref>{{Cite news|last=Marino|first=Vivian|date=November 1, 2019|title=Tommy Hilfiger’s Duplex Sells After 11 Years on the Market (Published 2019)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2019/11/01/realestate/tommy-hilfigers-duplex-sells-after-11-years-on-the-market.html|access-date=November 30, 2020|issn=0362-4331}}</ref>
 
=== Guests ===
The guestrooms have also hosted several notable personalities. These have included opera singer [[Enrico Caruso]], as well as novelists [[F. Scott Fitzgerald]] and [[Zelda Fitzgerald]].<ref name="NYCL p. 16" /> [[Frank Lloyd Wright]] often stayed at the Plaza when he was designing the [[Solomon R. Guggenheim Museum]] on Fifth Avenue, considering it to be his home.<ref name="aia5" /><ref name="Jackson p. 1003" /><ref>{{harvnb|Gathje|2000|ps=.|pp=82, 84}}</ref> Art dealer [[Joseph Duveen, 1st Baron Duveen]], who helped assemble the [[Frick Collection]] at the nearby [[Henry Clay Frick House|Frick House]], lived at the Plaza and held important auctions in the ballroom.<ref name="Gathje p. 81" /> In addition, [[the Beatles]] stayed at the Plaza Hotel during their first visit to the United States in February 1964.<ref name="NYCL p. 15" /><ref name="Gathje pp. 124-125">{{harvnb|Gathje|2000|pp=124–125}}; {{harvnb|ps=.|Harris|1981|pp=94, 99}}</ref><ref>{{Cite news|date=February 14, 1964|title=4,000 Hail Beatles on Arrival in Miami|language=en-US|work=The New York Times|url=https://www.nytimes.com/1964/02/14/archives/4000-hail-beatles-on-arrival-in-miami.html|url-status=live|access-date=November 28, 2020|issn=0362-4331}}</ref>
 
== Social scene ==
=== Receptions ===
[[File:Dinner at the Plaza Hotel, New York 1908.jpg|thumb|Depiction of a dinner at the Plaza Hotel in 1908]]
The Terrace Room has frequently been used for press conferences, luncheons, and receptions.<ref name="NYCL p. 15" /> For instance, it hosted a 1956 press conference where [[Laurence Olivier]] and [[Marilyn Monroe]] talked about their upcoming film ''[[The Prince and the Showgirl]].''<ref name="Gathje p. 111">{{harvnb|Gathje|2000|ps=.|p=111}}</ref> At another press conference in the Terrace Room in 1968, [[Richard Burton]] and [[Elizabeth Taylor]] discussed their film ''[[Doctor Faustus (1967 film)|Dr. Faustus]]''.<ref name="NYCL p. 15" /><ref name="Gathje p. 137">{{harvnb|Gathje|2000|ps=.|p=137}}</ref> During the Beatles' 1964 stay at the hotel, visitors were allowed to take pictures with the Beatles at the Terrace Room.<ref name="Gathje pp. 124-125" />
 
=== Benefits and weddings ===