Real Estate Portfolio ¦ New York
The Plaza Hotel
A National Historic Landmark, the Plaza Hotel is not only a luxurious and elegant hotel, but also a piece of history. Since opening to the public in 1907, the Plaza Hotel has since been featured in countless cultural references, including movies, television shows, and books, such as "Eloise at the Plaza". Located on the west side of Grand Army Plaza, the 250- foot building extends along Central Park and Fifth Avenue. It features exquisite fountains and statues commemorating both American history and Roman architecture and deities. After a competitive auction, Donald J. Trump purchased The Plaza 1988 for $407.5 million, saying, "this isn't just a building, it's the ultimate work of art. I was in love with it." With his direction, the hotel underwent renovations to update its interiors while still emphasizing its historic essence. To modernize the hotel, new, inviting chandeliers were installed, an empty and old restaurant was replaced by a Japanese restaurant and bar, magnificent onyx was installed in every bathroom, and a large fitness center was created. Yet to further highlight the grace and glamour of the past, the newer wall-to-wall carpeting of the lobby was removed, exposing the beautiful mosaics from the original design, and the ballrooms were restored to their previous grandeur. Trump sold the hotel in 1995 for $325 million to two groups, one headed by Prince al-Walid bin Talal Abdulaziz al-Saud of Saudi Arabia, and the other by Kewk Hong Png, a Singapore developer.