The Plaza's website claims Trump paid $390 million for the location, but regardless of what Trump paid for the hotel, he didn't keep ownership. As an established staple for lavish society affairs, and blockbuster films, The Plaza has welcomed guests from around the world to enjoy its magic at the castle on Central Park South for more than 100 years. People in high society were willing to live there and socialize there—instead of doing it in their homes, they’d do it in the [Grand] Ballroom.”. As Hotel Management reported yesterday, Sahara completed its 75-percent purchase of the Plaza for $570 million. The hotel opened in 1907 and has played host to some of the most famous people in the world. The state-owned Katara Hospitality also owns the famed Savoy and the Connaught in London. The Plaza was the dream of financier Bernhard Beinecke, hotelier Fred Sterry, and Harry S. Black, President of the Fuller Construction Company. New York City’s iconic Plaza Hotel has sold for $600 million, according to news sources. It was that status that led captains of American industry like Conrad Hilton and A.M Sonnabend to vie for the Plaza in the middle of the 20th century as the crown jewel of their respective hotel portfolios. Since its debut on October 1st, 1907, The Plaza Hotel has remained a New York icon hosting world leaders, dignitaries, captains of industry, Broadway legends and Hollywood royalty. He sold it for $325 million, which means he lost around $83 million in the change of ownership. So Elad set about an ambitious overhaul of the Plaza—gut-renovating the interior (except for landmarked spaces like the famed Grand Ballroom, Palm Court and Oak Room, which were restored) and converting a good chunk of the building into residential apartments while maintaining a smaller, 131-key hotel. The Plaza played a large roll in the progression in New York City’s society from … The three men set out to replace it with what is surely one of the most elegant hotels in … And yet the hotel has survived that too, barely, just as it has survived everything else. (The Qataris who now own the Plaza, Naftali added, are “very smart people” who “have the money to maintain the property in a five-star quality.”). arlier this month, it emerged that Katara Hospitality—a subsidiary of the sovereign wealth fund of the tiny, oil-rich Gulf nation of Qatar—had agreed to acquire the iconic Plaza Hotel in Midtown for the price of $600 million. Crowne Plaza Times Square is a 795-room hotel situated in the Times Square area of New York City's midtown Manhattan, located at 1601 Broadway, between West 48th and 49th Streets. The uncertainty all came to a head with the news that Katara had beaten out the likes of Ashkenazy, Kingdom, Hakim and Trinity White City to successfully purchase the hotel, making it the company’s first U.S. hospitality asset (though Katara parent QIA did acquire the St. Regis San Francisco for around $175 million in late 2016). 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. They purchased a 15-year-old hotel of the same name on the site. “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. In the Plaza hotel, which is still owned and run by Donald Trump,” Wallach told me. 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