Plaza Hotel opens spurring a global brand
New York’s storied Plaza Hotel reopened in March after a two-year $400 Million renovation. The revamped landmark luxury hotel which sits on Central Park, houses 282 rooms and suites at prices averaging $1,000 a night, and 181 condominium apartments, know as hotel residences, starting at $2.5 million. The design for the renovations was led by the New York architectural firm of Costas Kondylis and Partners.
The renovations included painstakingly accurate restorations of such legendary spaces as the Oak Bar, the Palm Court and the Plaza Grand Ballroom and providing stately yet modernized private residences with all the latest, high-tech conveniences. There's a mini wireless computer that can change the temperature, order theater tickets or make dinner reservations. Renovated suites feature bathrooms with 24-karat gold sinks and marble vanities and chandeliers.
All this luxury and sumptuousness comes with a price. One of the suites reportedly sold for a record $50 million, making it the biggest apartment sale in Manhattan ever. Most buyers are second and third home seekers and Europeans who do not plan to spend much time there. The entry-level condos are cramped and without kitchens. They are to be used as pied-a-terres.
The project was developed by the El-Ad Group, which plans to make the Plaza a global brand. Plans are in the works for a Plaza in Las Vegas with locations in Hong Kong, Paris, Tokyo and Tel Aviv to follow.