The Plaza Hotel, which Donald Trump drove into bankruptcy and sold at an $83 million loss in 1995, to shut its doors until 2031

The iconic Plaza Hotel in New York City will close its doors after Christmas in January 2027 until 2031 for extensive restoration. “Understanding the unique place in New York City’s architectural heritage and cultural history it holds, The Plaza Hotel is advancing plans for repair and restoration works to its landmark-protected façade,” its operator, Fairmont Hotels & Resorts, announced in a press release on Wednesday, October 14.

The “complexity of the façade” work will require exhaustive planning and coordination, for the historic preservation requirements, the hotel says.

“For more than 119 years, The Plaza Hotel has been an enduring part of New York City’s architectural and cultural heritage. Since opening its doors in 1907, the hotel has maintained a distinctive place in the city’s history, recognised for its architectural character, exceptional craftsmanship, and enduring presence,” the statement further reads.


As per the reporting of the New York Times, the hotel had at least 6 owners. US President Donald Trump, who was more recognizable as a real estate developer back in his 20s, was also among them. In March 1988, when Trump was 41 bought this property from Texas billionaire Robert Bass, who expected the hotel to fetch as much as $500 million.

But he negotiated it to $407.5 million with Tom Barrack, then a real estate executive for the Texas billionaire. In his second term, Trump appointed him to high-level diplomatic roles, including US Ambassador to Turkey.

But after paying the tremendous amount, he said, as quoted by property outlet The Real Deal: “It wasn’t purely about the bottom line.”

“After gaining title to the hotel that July, Trump appointed his wife Ivana as the hotel's president,” CultureNow quotes. It went through some major renovation before the 1993 shooting of Long Island Rail Road, on December 7. As per his second wife, Marla Maples, cited by the outlet, this event pushed Trump to “reevaluate his life and propose to her” a few months after his divorce from Ivana.

Trump tied the knot with Maples on December 20 of the same year at the hotel, with 1,000 guests.

Things started to fall apart when the hotel’s operating income was way below what was needed to upkeep it for Trump, who had borrowed extensively while purchasing it. As a point, the Plaza Hotel's debt ultimately grew to $600 million, and as per the New York-based non-profit, Trump eventually sold its “controlling stake to Kwek and Al-Waleed in April 1995 at an $83 Million Loss.”

The hotel has also been one of the most frequently filmed destinations in pop culture. One of its most famous appearances was in the 1992 hit movie, “Home Alone 2: Lost in New York.”