October 10, 2005
Saudi prince to buy back The Plaza's 150 hotel rooms
The Saudi prince who last year sold The Plaza to a development company that's converting part of the property into condos now wants to buy back the remaining hotel portion of the landmark building.
Elad Properties paid $675 million for The Plaza in August 2004 and now hopes to get $500 million for the remaining 150 hotel rooms. The buyer is Prince Alaweed bin Talal, the fifth-richest man in the world.
The story is in Crain's (where it costs $5 to read the story,) but has been picked up by the Post and Daily News.
In May, just after the hotel closed for renovations, the Post reported that Elad Properties was hoping to sell all or part of the hotel to bin Talal, who was a partner in The Plaza's former ownership structure.
The sale requires the approval of the state attorney general's office, according to Crain's. The hotel is expected to reopen at the end of 2006, in time to celebrate its 100-year anniversary.
Earlier: Progress at The Plaza; luxury retailers queue up
The Plaza's Oak Bar and Palm Court get landmarked
The Plaza closes for 18-month renovation
The Plaza's new owner seeking buyer
Plaza's owner agrees to save more hotel rooms - AP
Plaza's owner may build new hotel elsewhere
October 10, 2005 07:39 AM in Hotelology
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