New York’s Plaza Hotel (Fifth Avenue at Central Park South) is selling for $600 million.
Eight years after El Ad Properties purchased the famous New York hotel for $675 million, they’re allegedly preparing to get rid of it. Reports indicate that El Ad is preparing to pass the hotel off to the Sahara Group for $600 million, $400 million of which is for the actual hotel and the remaining $200 million for the popular retail section at the bottom of it.
There’s no word on whether or not Sahara will manage the hotel, continue using current management team Fairmont Hotels, or fine a third party, but none of this will make the hotel any less iconic. Just think—if you had $600 million to blow, this could be your Monday morning dilemma as well.