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New York Plaza Hotel sold for e575 million

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Published on 01/09/09 - Updated on 17/03/22

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Co-owners, prince Al-Waleed and Millennium & Copthorne Hotels Plc, agreed to sell The Plaza Hotel, the famous New York landmark, to Elad Properties-Ad Group Ltd, a real estate company, controlled by Yitzhak Tshuva, for $675 million (e575 million). It is a record figure for the 805- room hotel, next to Central Park, considering the continuous losses since September 11. The prime location and the project of Elad seem to justify the price. The developer intends to convert some of the rooms into residential units to be put on the market. However, The Plaza should continue to be operated as a hotel for most of its capacity and Fairmont Hotels & Resorts hopes to continue on as it’s manager.

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