The Iconic Plaza Hotel Is For Sale

The Iconic Plaza Hotel Is For Sale

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Melissa Massello
Aug 24, 2017
(Image credit: Osugi)

One of Manhattan's most iconic landmarks just hit the real estate market, and is poised to become one of the most expensive per-room hotel sales in history: The Plaza is currently being sold for an asking price of $500 million, but experts say will probably fetch quite a bit more.

"June at the Plaza." It's not just a semi-throwaway line in the 2009 rom com Bride Wars starring Kate Hudson and Anne Hathaway. It's also a cherished rite of passage and tradition each year for New York brides and high society alike — white tie parties, afternoons of high tea, and evenings filled with literary salons, much celebrating and culture has revolved around The Plaza.

The Wall Street Journal reports that the iconic hotel on Fifth Avenue at Central Park South has just hit the market for $500 million, but will probably fetch closer to $560 million — after a $450 million renovation investment by the current owners, India's Sahara Group, less than a decade ago in 2008.

Opened in 1907 (and constructed for $12 million, closer to $300 million in today's dollars), "the 18-story luxury hotel and condominium apartment building has become one of the biggest architectural attractions for tourists visiting the Big Apple," writes Architectural Digest — with its legendary Palm Court, marble and chandelier fixtures, and French Chateau feel right in the center of bustling Manhattan.

Everyone who's anyone has stayed at the 5-star luxury hotel at some point, from literary greats like F. Scott Fitzgerald to "its most precocious resident," childhood heroine Eloise — and it was once said that "Nothing unimportant ever happens at The Plaza."

Read more about who has a stake (as well as rumors of who might buy the landmark property) over on the Wall Street Journal, Bloomberg, the New York Times, and Architectural Digest.

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