Last Updated on July 28, 2026 by Daniel Globe
The Plaza Hotel, an emblem of luxury and sophistication at Fifth Avenue and Central Park South in New York City, has a storied history dating back to its opening in 1907. Designed by renowned architect Henry Janeway Hardenbergh in the Beaux-Arts style, the hotel opened under original developers Fred Sterry, Harry S. Black, and Bernhard Beinecke. Over the past century, its prime Manhattan location has attracted presidents, royalty, international dignitaries, and Hollywood icons, making it one of the most famous hospitality landmarks in the world.
Quick Answer
The Plaza Hotel in New York City is currently owned by Katara Hospitality, a state-owned hotel company controlled by the Qatar Investment Authority. Katara acquired 100% ownership in July 2018 for approximately $600 million. Famous past owners include Conrad Hilton (1943), Donald Trump (1988–1995), and El Ad Properties (2004–2012). Today, the hotel is operated under the Fairmont Hotels & Resorts brand.
Key Takeaways
- Opening & Status: The Plaza opened on October 1, 1907, and was designated a U.S. National Historic Landmark in 1986.
- Hilton & Westin Eras: Hotel pioneer Conrad Hilton bought the property in 1943, and Westin Hotels operated it from 1974 to 1988.
- Donald Trump Era: Trump purchased The Plaza in 1988 for $407.5 million before restructuring and selling controlling interest in 1995.
- Condominium Conversion: El Ad Properties bought the hotel in 2004 for $675 million, carrying out a $450 million renovation that created private luxury residences alongside hotel rooms.
- Current Owner: Qatari state-owned Katara Hospitality purchased 100% of the property in 2018 for roughly $600 million.
Throughout its evolution, The Plaza has been closely tied to major cultural events and literary works. It served as a setting for F. Scott Fitzgerald’s The Great Gatsby, Kay Thompson’s beloved Eloise children’s book series, and iconic films such as Home Alone 2: Lost in New York. In geopolitics, it was the site of the historic 1985 Plaza Accord, which restructured international exchange rates.
Complete Ownership History of The Plaza Hotel
The Plaza’s ownership has changed hands several times since its founding in 1907, reflecting broader shifts in real estate development, hotel management, and global investment trends.
1907–1943: Founding Developers & Early Decades
The original Plaza Hotel was constructed for $12.5 million by the Plaza Operating Company, established by Bernhard Beinecke, Fred Sterry, and Harry S. Black (president of the Fuller Construction Company). Designed by Henry Janeway Hardenbergh, who also designed Manhattan’s Dakota Building, the 19-story Beaux-Arts structure replaced an earlier 1890 hotel of the same name. Despite surviving the Great Depression, financial stress during the 1930s set the stage for its first major sale.
1943–1974: The Hilton and Sonnabend Eras
In 1943, hotel magnate Conrad Hilton bought The Plaza for $7.4 million and invested $6.0 million into refurbishing its iconic public spaces. Ten years later, in 1953, Hilton sold the property to A.M. Sonnabend’s Childs Company (which later became the Hotel Corporation of America and, eventually, Sonesta International Hotels Corp.). Sonnabend maintained the hotel’s high-society status through the post-war era.
1974–1988: Western International Hotels (Westin)
In 1974, Western International Hotels (renamed Westin Hotels in 1981) acquired The Plaza for $25 million. Under Westin’s stewardship, the hotel hosted major national and international events, including the signing of the 1985 Plaza Accord, where finance ministers from the United States, Japan, West Germany, France, and the United Kingdom agreed to depreciate the U.S. dollar against the Japanese yen and German mark.
1988–1995: Donald Trump’s Ownership
In 1988, real estate developer Donald Trump purchased The Plaza from Westin for $407.5 million, calling it a “trophy” asset. Trump appointed his then-wife, Ivana Trump, as president of the hotel to oversee an extensive renovation of the lobby, suites, and the Palm Court. However, heavy debt loads led the property into a prepackaged Chapter 11 bankruptcy protection in 1992. In 1995, Trump sold a controlling 80% stake for $325 million to CDL Hotels (led by Singaporean billionaire Kwek Leng Beng) and Saudi Prince Alwaleed bin Talal’s Kingdom Holding Company.
2004–2018: El Ad Properties and Sahara India Pariwar
In 2004, Israeli developer Isaac Tshuva’s El Ad Properties bought The Plaza for $675 million. El Ad closed the hotel in 2005 for a comprehensive $450 million renovation, converting the building into a mixed-use destination featuring 282 hotel rooms alongside 182 private luxury residential condominiums. The hotel reopened in 2008 under Fairmont management.
In 2012, Indian conglomerate Sahara India Pariwar, led by Subrata Roy, acquired a 75% controlling interest in the hotel portion for $570 million, while Kingdom Holding and Ashkenazy Acquisition Corp. retained minority stakes.
2018–Present: Katara Hospitality (Qatar)
In July 2018, Katara Hospitality—the hotel owning and operating subsidiary of the Qatar Investment Authority (QIA)—acquired 100% full ownership of The Plaza Hotel. The deal, valued at approximately $600 million, bought out Sahara India Pariwar along with minority stakeholders Ashkenazy Acquisition Corp. and Kingdom Holding Co. The hotel continues to operate as a luxury hotel under the management of Fairmont Hotels & Resorts.
At a Glance: Plaza Hotel Ownership Timeline
| 1907–1943 | Plaza Operating Co. (Sterry, Black, Beinecke) |
| 1943–1953 | Conrad Hilton ($7.4 Million) |
| 1953–1974 | A.M. Sonnabend / Hotel Corp. of America (Sonesta) |
| 1974–1988 | Western International Hotels / Westin ($25 Million) |
| 1988–1995 | Donald Trump ($407.5 Million) |
| 1995–2004 | CDL Hotels & Kingdom Holding Co. ($325 Million) |
| 2004–2012 | El Ad Properties ($675 Million purchase + $450M renovation) |
| 2012–2018 | Sahara India Pariwar ($570 Million controlling stake) |
| 2018–Present | Katara Hospitality / Qatar Investment Authority (~$600 Million) |
The Hotel’s Iconic Features and Architecture
The Plaza Hotel is renowned for architectural and interior features that have defined luxury hospitality in Manhattan for over a century. Designed in the French Renaissance Châteauesque style, the exterior features marble bases, yellow brickwork, and a green mansard roof that commands the corner of Fifth Avenue and Central Park South.
One of its most celebrated public spaces is the Palm Court, famous for its stained-glass dome, crystal chandeliers, and afternoon tea service. Additional historic spaces include the Oak Room, the Edwardian Room, and the Grand Ballroom, which hosted Truman Capote’s legendary “Black and White Ball” in 1966.
The Plaza was designated a New York City Landmark in 1969 and a U.S. National Historic Landmark in 1986, recognizing its exceptional role in American architectural and social history.
Historic Renovations & Landmark Protections
Because The Plaza holds National Historic Landmark status, any structural changes must comply with strict historic preservation guidelines overseen by the New York City Landmarks Preservation Commission.
Note: Landmark protection laws restrict alterations to exterior facades and designated interior public spaces—including the Palm Court, Oak Room, and Grand Ballroom—ensuring that historic craftsmanship remains intact despite modern hospitality upgrades.
The most extensive renovation in the hotel’s history took place between 2005 and 2008 under El Ad Properties. The $450 million program modernized electrical and plumbing infrastructure while restoring original plasterwork, gilding, and stained glass. It also reconfigured the building so that private residential condominiums occupied the Central Park-facing upper floors, while hotel rooms and suites remained on lower levels and southern wings.
Economic & Community Impact in Manhattan
As a key fixture of Midtown Manhattan, The Plaza serves as both an operating luxury hotel and a major destination for international tourists. Located near Central Park, Apple Fifth Avenue, and Bergdorf Goodman, the hotel generates significant local economic activity, supporting employment across hospitality, concierge services, fine dining, and retail.
Current Operations and Market Challenges
Operating a historic landmark hotel in New York City brings ongoing operational demands. High labor costs, strict architectural preservation requirements, and intense luxury competition from newer hotel developments present continuous challenges. Management under Fairmont Hotels & Resorts balances historic preservation with contemporary amenities—such as high-speed digital connectivity and modern wellness facilities—to maintain market leadership.
Frequently Asked Questions
Who currently owns the Plaza Hotel?
The Plaza Hotel is currently 100% owned by Katara Hospitality, a Qatar-based state-owned hotel developer and operator controlled by the Qatar Investment Authority, which purchased the property in July 2018.
Who previously owned the Plaza Hotel?
Previous owners include hotel pioneer Conrad Hilton (1943–1953), A.M. Sonnabend (1953–1974), Westin Hotels (1974–1988), Donald Trump (1988–1995), CDL Hotels and Kingdom Holding Co. (1995–2004), El Ad Properties (2004–2012), and Sahara India Pariwar (2012–2018).
When was the Plaza Hotel built?
The Plaza Hotel opened on October 1, 1907. Designed by architect Henry Janeway Hardenbergh, it replaced an earlier 1890 hotel on the same site and was designated a U.S. National Historic Landmark in 1986.
What is the Plaza Hotel famous for?
The Plaza Hotel is famous for its Beaux-Arts architecture, luxury Palm Court afternoon tea, appearance in cultural works like The Great Gatsby, Eloise, and Home Alone 2, and hosting world-changing historical events like the 1985 Plaza Accord.
Sources
- Historic Hotels of America — The Plaza History — Founding architectural details, landmark status, and early management history
- The New York Times — Trump Acquisition (1988) — Archival reporting on the $407.5M purchase and financial restructuring
- Reuters — Katara Hospitality $600 Million Acquisition — Details on the 2018 transaction from Sahara India Pariwar and minority owners
- The Plaza New York — Official Legacy Page — Official corporate history, landmark features, and operations