Discovering the ownership of a prestigious hotel like the Plaza Hotel in New York can be an exciting prospect for many people. The iconic hotel has been a symbol of luxury and glamour in the city for over a century, and it’s no wonder that many people are curious about who owns it.
If you’re one of those people who are wondering who the current owner of the Plaza Hotel is, you’ve come to the right place. In this article, we’ll explore the history of the hotel and its ownership over the years, as well as take a closer look at the current owner and their plans for the future of this iconic property.
So whether you’re a history buff, a fan of luxury hotels, or just curious about the ownership of the Plaza Hotel, read on to find out more.
A Brief History of the Plaza Hotel
The Plaza Hotel is one of the most iconic and historic hotels in New York City. Its ownership has changed hands several times over the years, and it has undergone numerous renovations and transformations. Let’s take a brief look at the history of the Plaza Hotel.
The Early Years
The Plaza Hotel was originally opened in 1907 by hotelier Fred Sterry. It was designed by architect Henry Janeway Hardenbergh, who also designed the Dakota Apartments and the Waldorf Astoria. The hotel quickly became a symbol of luxury and sophistication, attracting wealthy guests from around the world.
During its early years, the Plaza Hotel hosted many notable events and guests. In 1912, the hotel served as the starting point for the ill-fated voyage of the Titanic. The hotel’s ballroom was also the site of Truman Capote’s famous Black and White Ball in 1966.
The Edwardian Era
In the early 1920s, the Plaza Hotel underwent a major renovation to update its facilities. The renovation was overseen by architect Henry J. Hardenbergh Jr., the son of the original architect. The hotel’s interior was redesigned in the Edwardian style, which was popular at the time.
During the Edwardian era, the Plaza Hotel continued to be a popular destination for the rich and famous. The hotel’s Oak Room became a hotspot for jazz musicians, including Duke Ellington and Ethel Waters.
The Modern Era
In the 1960s, the Plaza Hotel was sold to Conrad Hilton, who oversaw a major renovation of the property. The hotel was updated with modern amenities, including air conditioning and televisions in every room.
During the modern era, the Plaza Hotel remained a popular destination for celebrities and politicians. The Beatles stayed at the hotel during their first visit to the United States in 1964, and President Ronald Reagan often stayed at the hotel when he visited New York City.
The Plaza Hotel Today
The Plaza Hotel has undergone several changes of ownership in recent years. In 2018, it was sold to Qatari investors for $600 million. Today, the hotel continues to be a symbol of luxury and elegance, offering guests world-class amenities and impeccable service.
Despite its changing ownership and many transformations, the Plaza Hotel remains one of New York City’s most beloved landmarks. It is worth mentioning that the hotel has been featured in many movies and TV shows over the years, including Home Alone 2 and The Great Gatsby. Keep in mind that the hotel is also home to several high-end restaurants and shops, including The Palm Court and the Eloise Boutique.
The Ownership of the Plaza Hotel Over the Years
The Plaza Hotel in New York is one of the most iconic and historic hotels in the world. It has a long and storied history, with many different owners and eras. Here is a look at the ownership of the Plaza Hotel over the years:
The Original Owner
The Plaza Hotel was designed by Henry Janeway Hardenbergh and opened in 1907. It was originally owned by a group of investors led by Bernhard Beinecke, Fred Sterry, and Harry S. Black. The hotel quickly became a popular destination for the elite of New York City and beyond, thanks to its luxurious accommodations and prime location on Fifth Avenue.
The Vanderbilt Era
In 1943, the Plaza Hotel was sold to the Vanderbilt family. Cornelius Vanderbilt III bought the hotel for $7.5 million, which was a record price for a hotel at the time. The Vanderbilt family owned the Plaza for more than 30 years, during which time they made many improvements and upgrades to the property.
The Hilton Years
In 1975, the Plaza Hotel was sold to the Hilton Hotels Corporation for $25 million. The Hiltons owned the hotel for more than a decade, during which time they modernized many of the hotel’s systems and added new amenities such as a health club and a rooftop restaurant.
The Trump Era
In 1988, real estate magnate Donald Trump bought the Plaza Hotel for $390 million. Trump famously renovated the hotel’s public spaces in the early 1990s, including the Grand Ballroom and the Oak Room. However, Trump’s ownership of the hotel was not without controversy, as he struggled to make the property profitable and eventually sold it in 1995.
The Recent Past
After Trump sold the Plaza Hotel, it went through several different owners and operators. In 2004, it was sold to Israeli-owned company El-Ad Properties for $675 million. El-Ad converted some of the hotel’s rooms into luxury condominium apartments and renovated many of the public spaces. In 2018, the hotel was sold again, this time to Qatar’s sovereign wealth fund for a reported $600 million.
Despite the changes in ownership over the years, the Plaza Hotel remains one of the most iconic and luxurious hotels in the world. Its history and grandeur continue to attract visitors from all over the globe.
The Current Owner of the Plaza Hotel
The Plaza Hotel is one of the most iconic and luxurious hotels in New York City. Over the years, it has been owned by several individuals and companies. Currently, the hotel is owned by the Sahara Group, a conglomerate with diverse business interests.
The Sahara Group is a privately-owned company headquartered in India. Founded in 1978, the company has grown to become one of the largest business conglomerates in India, with operations in multiple industries, including finance, real estate, media, and hospitality.
In 2012, Sahara Group acquired a majority stake in the Plaza Hotel. The acquisition was worth an estimated $570 million, making it one of the largest real estate deals in New York City at the time. The deal was completed through a subsidiary of the Sahara Group, Sahara India Pariwar.
Despite the high cost of acquisition, Sahara Group had big plans for the Plaza Hotel. The company announced a $350 million renovation project aimed at restoring the hotel to its former glory. The renovation included upgrades to the hotel’s rooms, public spaces, and amenities. Sahara Group also planned to add luxury condominiums to the property.
Unfortunately, the renovation project faced several setbacks, including financing issues and legal disputes. As a result, the project was delayed, and Sahara Group faced criticism for the state of the hotel. In 2018, the hotel was sold to a new owner, but Sahara Group’s tenure as the owner of the Plaza Hotel will always be remembered as a significant chapter in the hotel’s history.
The Future of the Plaza Hotel
The Plaza Hotel in New York City is a historic landmark that has been a symbol of luxury and elegance for over a century. The hotel has undergone several changes in ownership over the years, with the latest change happening in 2018.
The Upcoming Renovations
The Plaza Hotel is currently undergoing a major renovation that is expected to be completed in 2021. The renovation will include upgrades to the guest rooms, public spaces, and back-of-house areas. The goal of the renovation is to modernize the hotel while preserving its iconic history and architecture.
It is worth mentioning that the Plaza Hotel has always been a popular destination for high-end travelers, and the upcoming renovations will only enhance its status as one of the most luxurious hotels in the world.
The Role of the Plaza Hotel in the City’s Future
The Plaza Hotel has played a significant role in shaping the city’s identity, and its future is closely tied to the future of New York City. The hotel has been a favorite destination for celebrities, politicians, and business leaders for decades, and it has become an important symbol of the city’s culture and history.
The hotel’s location on Fifth Avenue and its beautiful architecture make it a popular destination for tourists, and it is an important contributor to the city’s tourism industry. The Plaza Hotel is also a major employer in the city, providing jobs for thousands of people.
On the other hand, it is important to keep in mind that the hotel industry in New York City is highly competitive, and the Plaza Hotel will need to continue to innovate and adapt to stay relevant in the future.
The Legacy of the Plaza Hotel
The Plaza Hotel has a rich history that spans over a century, and its legacy is closely tied to the history of New York City. The hotel has been the site of many important events, including presidential inaugurations, movie premieres, and royal visits.
Unfortunately, the Plaza Hotel has also faced challenges over the years, including financial difficulties and changes in ownership. However, the hotel has always managed to bounce back and maintain its status as one of the most iconic hotels in the world.
It is worth noting that the Plaza Hotel is currently owned by Sahara India Pariwar, an Indian conglomerate. The new ownership has brought some changes to the hotel, but it remains to be seen what the future holds for this historic landmark.
In conclusion, the Plaza Hotel has a rich and storied history, and its ownership over the years has been just as varied and interesting. Today, the hotel is owned by the Sahara Group, a global conglomerate with big plans for the future of this iconic property.
Whether you’re a fan of the Plaza Hotel’s history, its luxurious amenities, or its iconic status in the city, there’s no denying that this property is a true gem. With upcoming renovations and a bright future ahead, the Plaza Hotel is sure to remain a beloved landmark in New York City for many years to come.