Once upon a time, Donald Trump invested in one of New York's most prestigious hotels: The Plaza. His surprising decision to buy the hotel for a giant amount of money—$407.5 million, according to his real estate portfolio—in 1988 was polarizing. This decision sparked discussions and debates, as many wondered about the future of such an iconic hotel under Trump's ownership.
The Plaza Hotel, known for its elegance and historical significance, had a price tag that raised eyebrows. While the Plaza's website claims Trump paid $390 million for the location, the difference in the figures illustrates the complexities of real estate transactions. However, regardless of the exact amount, one fact remains clear: Trump did not maintain long-term ownership.
During his brief tenure as the owner of the Plaza Hotel, Trump made several significant changes to the historic location. His focus was primarily on interior design, aiming to enhance the Plaza's charm and history. Notable renovations included the installation of inviting chandeliers, the transformation of an old restaurant into a trendy Japanese eatery, and the addition of luxurious features like magnificent onyx in every bathroom, showcasing a commitment to modern elegance.
Moreover, the renovations did not stop there. To further highlight the hotel's historical elegance, Trump removed the newer wall-to-wall carpeting in the lobby, revealing the beautiful mosaics from the original design. This restoration effort aimed to return the ballrooms to their former grandeur, demonstrating a commitment to preserving the Plaza’s unique legacy.
Despite these ambitious changes, one might wonder why Trump chose to buy the hotel if he didn’t keep it for an extended period. The Plaza itself has been described as the "greatest hotel in the world," a sentiment echoed by publications that reported on its grand opening in 1907. Trump recognized the special nature of this iconic location, famously stating, "This isn’t just a building, it’s the ultimate work of art. I was in love with it."
Trump's connection to the Plaza went beyond business; he became a familiar face at this iconic venue. His cameo in the film Home Alone 2: Lost In New York showcased the hotel’s prominence in popular culture. However, controversy arose in 2019 when Canadian audiences noted the removal of Trump's scene from the film, leading to accusations of political motivations behind this decision.
Additionally, Trump's personal ties to the Plaza Hotel run deep. He hosted his wedding to Marla Maples at the Plaza while it was under his ownership, solidifying the hotel’s place in his personal history. They married on December 20, 1993, a day that marked both a personal milestone and a chapter in the hotel’s storied legacy.
Ultimately, the question arises: if Trump cherished the Plaza's design enough to celebrate his wedding there, why did he decide to sell it? The answer lies in the hotel's financial struggles, as Bloomberg reported that the Plaza was facing bankruptcy. In 1995, Trump officially sold the Plaza Hotel for $325 million, resulting in a loss of approximately $83 million in the change of ownership.
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