New York’s famous Plaza Hotel seeks buyer

In financial difficulty, Subrata Roy – the main shareholder of the legendary New York hotel – is forced to sell his “jewel”. The sale could earn him 475 million euros.

With its castle airs, the Plaza Hotel is one of New York’s legendary buildings. Located in the Manhattan neighborhood, facing Central Park, it contrasts with the futuristic skyscrapers that surround it. Built in 1907, this establishment is today at the heart of a real showdown.

According to Wall Street Journal, the main shareholder of the Plaza Hotel – Subrata Roy – is indeed trying to get rid of it. The Indian businessman is grappling with the justice system in his country where he is accused of not paying his suppliers. To repay his debts and escape prison, he wants to sell the Plaza: the sale could bring him a total of $ 560 million, or 475 million euros. But Subrata Roy struggles to get rid of it: several sales have already failed for three years.

The other shareholders disagree

Another problem: the other shareholders do not wish to sell this majestic place. Saudi Prince al-Waleed bin Talal and Ashkenazy Acquisition Corporation – a New York-based company – want to restore the Plaza Hotel to its former glory by carrying out renovations. They thus wish to compete with other five-star hotels in New York. The different parties will have to come to an agreement within a fairly short period of time since Subrata Roy will soon have to answer for his acts before Indian justice.

The future buyer must also know that he will not own the entire building. Indeed, the Israeli company Elad, which owned it in 1995, divided part of the hotel into apartments, some of which have been sold and others are still owned by Prince al-Waleed bin Talal and his partner.

A former Trump property and a popular movie theater

The Plaza Hotel in New York has had a rather turbulent history in recent years. In 1988, Donald Trump – then a real estate investor – bought the establishment for the sum of $ 407 million, or 341 million euros. He then wrote in the New York Times : “I did not buy a building, I bought a masterpiece”. He then sold it for $ 325 million (€ 272 million) to Troy Richard Campbell and Prince Al Waleed in 1995.

This 280-room hotel – including around 100 luxury suites – has also hosted top-notch personalities. Francis Scott and Zelda Fitzgerald lived there, the Beatles stayed there on their first tour of the United States. Jacqueline Kennedy-Onassis, Elizabeth Taylor, Yoko Ono and Marlene Dietrich were regulars. The building also appears in many films or series such as “Mum, I missed the plane”, “The Sopranos”, “Love at first sight in Seattle” or “The Magnificent Gatsby”.

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