Plaza Hotel to Close Doors for Renovations
What kind of hotel allows a child to check in alone? Not the Plaza Hotel, at least for the next several years.
The iconic property — featured in the likes of “Home Alone 2” and the “Eloise” book series — is closing its doors for the next four years as ownership embarks on a facade renovation, the New York Times reported. The Fifth Avenue hotel will stay open until the end of this year before the temporary shutdown.
Operator Fairmont Hotels & Resorts announced the impending closure on Wednesday. The property, once under the watchful eye of Donald Trump (who steered it to bankruptcy), is owned by Qatari-based Katara Hospitality.
Katara acquired the property in 2018 for $600 million. Three other bidding groups struggled to negotiate a deal with the seller, majority owner Subrata Roy’s Sahara Group. Minority owners Ashkenazy Acquisition Corporation and Saudi Prince Alwaleed bin Talal’s Kingdom Holding dropped their own acquisition bid.
The opulent property, designed by architect Henry Janeway Hardenbergh, opened in 1907. There have since been plenty of renovations and revamps of the property, which today includes 282 hotel rooms and 181 condominiums.
The property’s event rooms and restaurant are also set to pause operations during the facade work, which doesn’t have a disclosed price tag. What’s less clear is the fate of all of the condo owners.
Brokers of clients who own in the building told the New York Post that residents spoke with doorpeople and management and were assured they could stay through the construction, though the noise might make that an unattractive proposition. Condo owners reportedly learned of the impending closure months ago.
Even if they don’t need to leave, the situation will be unpleasant for owners, especially those who want to try to sell their units while work unfolds.
Meanwhile, the nearly 400 hotel workers represented by the Hotel & Gaming Trades Council will lean on the union to help them find temporary work; the union says they should have the right to return at the same pay when the hotel reopens.
Read more
Qatari group closes on $600M purchase of Plaza Hotel
Ashkenazy, Kingdom get extension to close on Plaza deal: sources
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