The Plaza Hotel Is on the Market for More Than $500 Million
Eloise’s home is about to get a new owner.
Whether you’ve visited the iconic New York hotel in person, or followed along with Eloise, the precocious children’s book character who lived in the building’s penthouse, you’re probably familiar with the legendary Plaza Hotel. Located at the southeast corner of Central Park, the famed hotel is currently owned by Sahara Group, an Indian conglomerate. (Previous owners include Conrad Hilton and Donald Trump.) According to the Wall Street Journal, the owners have now hired a broker, Jones Lang Lasalle Inc., to sell the property, a move that will likely inspire many overseas investors to begin vying for the landmark.
While we’ll have to wait to see how much the hotel ultimately goes for, the WSJ estimates it could be around $560 million. With 282 guest rooms in the building, the sale could be one of the most expensive hotel sales on a per-room basis. The total cost of the original construction for the building when it opened to the public in 1907 was $12.5 million, but the structure underwent a $400 million renovation between 2005 and 2008 while under the ownership of the El-Ad Group. Rumor has it that potential buyers include a Qatari sovereign-wealth fund, a Shanghai municipal investment fund, and Pras Michel, one of the founding members of the hip-hop group the Fugees.
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