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NYC's famed Plaza Hotel is sold

Aug. 14, 2004 at 1:27 PM   |   Comments

NEW YORK, Aug. 14 (UPI) -- The Plaza Hotel, New York City's nearly 100-year-old playground of the rich and famous, has been sold.

The New York Post reported Saturday Saudi Prince Alwaleed bin Talal and Singapore-based Millennium & Copthorne Hotels sold the hotel for $675 million to condo and real estate developer Elad Properties NY, LLC.

"The hotel needs renovation, and I don't want to spend money anymore," said Millennium chairman Kwek Leng Beng.

The Plaza's previous owner, Donald Trump, who sold the Plaza for $325 million in 1995, told the Post, he was surprised by the sale and the fact the hotel lost $1.9 million last year.

When he owned the hotel, Trump got approval to convert several upper floors of the hotel to condominiums -- that right carries over to the new owners.

© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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