Sunday, July 17, 2011

The Plaza Hotel

The famous Plaza Hotel has changed a lot in the last 20 years or so...I remember visiting it with a friend of mine whose uncle was the manager there back in the 1970's.

From the internet:

The Plaza is the second hotel of that name on the site. The French Renaissance château-style building was designed by Henry Janeway Hardenbergh and opened to the public on October 1, 1907. At the time, it cost $12.5 million to construct. When the hotel opened, a room at the Plaza Hotel was only $2.50 per night ($59 in today's dollars). Today, the same room costs from $695 upwards.[4]
The Plaza was accorded landmark status by the New York City Landmarks Preservation Commission in 1969; it was designated a National Historic Landmark (NHL) in 1986.[2][5][6] The Waldorf-Astoria is the only other New York City hotel to be designated as a National Historic Landmark.
Long the site for famous performers and guests, it has also been the meeting place for important political meetings. The nationally known singers Eartha Kitt, Liza Minnelli, Kay Thompson, Andy Williams, and Peggy Lee played the Persian Room; unaccompanied ladies were not permitted in the Oak Room bar; and women favored the Palm Court for luncheons and teas. The Beatles stayed at the Plaza during their first visit to the United States in February 1964.[4] On November 28, 1966, in honor of the publisher Katharine Graham, the writer Truman Capote hosted his acclaimed "Black & White Ball" in the Grand Ballroom.
In September 1985, ministers of developed countries met at the Plaza to consult on finance issues and affirmed their agreement by signing the Plaza Accord. It served as an agreement among the finance ministers of the United States, Japan, West Germany, France and Britain to bring down the price of the U.S. dollar against their currencies.
The hotel offers tours of its interior to the public.


The Plaza and its International Modern style neighbors, seen across The Pond in Central Park
The Plaza Hotel turned 100 years old in 2007, celebrating with ceremonies and fireworks.
Conrad Hilton bought the Plaza for US$7.4 million in 1943 ($94 million in today's dollars) and spent US$6.0 million ($76.2 million in today's dollars) refurbishing it. The Childs Company, a national restaurant chain which partnered in the development of the neighboring Savoy-Plaza Hotel,[7] (now the site of the General Motors Building), purchased the Plaza Hotel in 1955 for 1,100,000 shares of Childs common stock, valued at approximately $6,325,000 ($51.9 million in today's dollars).[8] Childs subsequently changed its name to Hotel Corporation of America, now known as Sonesta International Hotels Corporation.[9] Donald Trump bought the Plaza for $407.5 million in 1988 ($756 million in today's dollars). Trump commented on his purchase in a full-page open letter he published in The New York Times: "I haven't purchased a building, I have purchased a masterpiece — the Mona Lisa. For the first time in my life, I have knowingly made a deal that was not economic — for I can never justify the price I paid, no matter how successful the Plaza becomes."
After Trump's divorce from wife Ivana Trump, the Plaza's president, Trump sold the hotel for $325 million in 1995 ($468 million in today's dollars) to Troy Richard Campbell, from New Hampshire. He sold it in 2004 for $675 million ($785 million in today's dollars) to a Manhattan developer, El Ad Properties. El Ad bought the hotel with plans of adding residential and commercial sections. Since The Plaza Hotel is a New York landmark, Tishman Construction Corporation, the construction management company hired to complete the renovations and conversions, had to comply with landmark regulations.[10]

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