The Plaza Hotel on Fifth Avenue in New York City isn't just a landmark; it's a revolving door of billionaires, corporate bankruptcies, and high-stakes international drama. If you're wondering who owns the iconic property today, the short answer is Katara Hospitality, a Qatari state-owned luxury hospitality firm that bought 100 percent of the hotel for $600 million.
Getting to this ownership structure wasn't straightforward. Over more than a century, the building has survived financial crashes, messy divorces, federal fraud investigations, and serial bankruptcies. Let's break down who owns The Plaza Hotel, how it changed hands through the decades, and the turbulent financial history behind its walls.
Who Owns The Plaza Hotel Right Now?
Katara Hospitality currently holds full ownership of The Plaza Hotel. The firm acquired the remaining stake in July 2018, buying out Sahara India Pariwar, the conglomerate controlled by embattled Indian businessman Subrata Roy.
While Katara owns the physical asset and hotel operations, management of the property falls under Fairmont Hotels and Resorts. The building operates as a hybrid structure—housing traditional luxury hotel rooms alongside high-end private condominium residences with a separate entrance on Central Park South.
The Trump Era and Bankruptcy Drama
No chapter of The Plaza's history attracts more attention than its acquisition by Donald Trump in 1988. Trump purchased the hotel for $407 million, famously declaring that he hadn't just bought a building, but a masterpiece.
The investment turned sour almost immediately. Trump loaded the property with massive debt during a commercial real estate slump. By 1992, the hotel was bleeding money, failing to generate enough revenue to cover its interest payments.
To stave off total ruin, Trump handed over a 49 percent stake in the property to a consortium of lenders—including Citibank—in exchange for debt restructuring. By 1995, Trump sold his remaining interest at an estimated $83 million loss to Saudi Prince Al-Waleed bin Talal and Singaporean billionaire Kwek Leng Beng's CDL Hotels International. This deal valued the hotel far below its late-1980s peak and marked the end of Trump's tumultuous run as a hospitality mogul.
The El Ad Group and Condo Conversion
In 2004, developer Miki Naftali’s El Ad Group bought The Plaza for $675 million. El Ad had a radical plan to alter the building's economic model entirely.
The developer shut down large portions of the hotel to execute a massive, multi-million-dollar renovation. They converted a significant portion of the historic hotel rooms into ultra-luxury residential condominiums. This decision sparked outrage among preservationists and union workers who feared the destruction of historic interiors like the Oak Room and the Palm Court.
Despite the friction, the condo flip proved wildly lucrative. Wealthy buyers scrambled to secure addresses inside the landmark, paving the way for El Ad to sell off its remaining hotel and retail stakes piece by piece.
Sahara India Pariwar and Subrata Roy's Legal Troubles
Following El Ad's exit, a complex ownership web formed involving Sahara India Pariwar. Sahara purchased a controlling stake in the hotel in 2012 for a reported $570 million.
Soon after, the conglomerate's chairman, Subrata Roy, ran into severe legal trouble with the Securities and Exchange Board of India over illegal bond sales to millions of small investors. Roy was jailed in India and ordered to repay billions.
To raise cash, Sahara was forced to put The Plaza up for sale. Finding a buyer proved extraordinarily difficult due to competing bids, disputed contracts, and frozen assets. Legal battles dragged on for years until Katara Hospitality stepped in with cash to clear the ownership logjam entirely.
Frequently Asked Questions
Can regular people stay at The Plaza Hotel?
Yes. Despite the private residences located inside the building, it functions primarily as a luxury hotel managed by Fairmont. Guests can book standard rooms and suites, though nightly rates typically rank among the highest in New York City.
Who built The Plaza Hotel?
The hotel was originally designed by architect Henry Janeway Hardenbergh and developed by the U.S. Realty and Construction Company. It officially opened its doors on October 1, 1907.
Why did Katara Hospitality buy the hotel?
Katara Hospitality is an arm of the Qatari government tasked with acquiring iconic, world-class hospitality assets globally. Purchasing The Plaza added a globally recognized American architectural crown jewel to their expanding luxury portfolio.
Are the famous public spaces open to the public?
Yes, visitors can access public areas such as the Palm Court for afternoon tea or walk through the historic lobbies, though certain interior spaces have seen shifting commercial tenants and renovation periods over the decades. You can read more about New York's architectural landmarks on the NYC Landmarks Preservation Commission website.
