NEW YORK: The Plaza Hotel, one of New York City's most storied landmarks, will close starting in 2027 for a full exterior renovation expected to take about four years, its management company announced Wednesday.
Fairmont Hotels and Resorts said the project will focus on repairing and restoring the hotel's landmark-protected façade overlooking Central Park.
"The Plaza Hotel is advancing plans for repair and restoration works to its landmark-protected façade," Fairmont said in a statement. "The undertaking reflects the complexity of maintaining a property of such architectural and historical significance, with careful consideration given to preservation requirements and the building's long-term care, as well as the safety of our guests, employees, and the wider community."
It remains unclear what the closure will mean for the owners of the building's 181 luxury condominium units. But the building's lead broker said he isn't worried it will affect residents much.
The renovation appears to be required under a 2006 Restrictive Declaration the hotel agreed to when it first applied to convert some of its units to condos. The New York City Landmarks Preservation Commission designated the hotel a city landmark in 1969.
"As required by the special permit, the property owner will undertake a significant renovation program for the Landmark Interior spaces as well as the building's façade and roof, to restore the Plaza to its former grandeur," the 2006 City Planning Commission declaration reads. "The owner will be required to maintain the building in such state in perpetuity."
Designed by Henry Janeway Hardenbergh, the French chateau-style hotel was built in 1907 for $12.5 million — about $400 million today. It has had numerous owners, including Donald Trump, who put it into bankruptcy protection while overseeing it and sold it at an $83 million loss.
Over the years, The Plaza has hosted luminaries such as F. Scott Fitzgerald, Frank Sinatra and Marilyn Monroe, and was home to the fictional children's book character Eloise. It has also been featured in movies and TV shows, including "Home Alone 2: Lost in New York" and "Gossip Girl."
In 2005, El Ad Properties bought the building for $675 million and closed it for a full renovation. The original 805 rooms were converted into 284 hotel rooms and 181 condos, which opened in 2008.
The closure will leave The Plaza's 378 staff members out of work. Under an agreement with the Hotel & Gaming Trades Council, the union representing Plaza employees, they can return to their jobs when the hotel reopens at their current salaries.
It is unclear whether the restaurants, spa and salon operating within the hotel will also be forced to close.
A themed suite at The Plaza can cost as much as $20,000 a night. Over the years, interest in the condos has waxed and waned as the units have struggled to compete with glitzier, newer addresses. Currently, 30 of the 181 units are listed for sale, ranging from a 476-square-foot studio for $810,000 to a seven-bedroom, 10,000-square-foot penthouse for $45 million.
