The Plaza’s website claims Trump paid $390 million for the location, but regardless of what Trump paid for the hotel, he didn’t keep ownership.
Trump’s time as owner of the Plaza Hotel wasn’t very long, but apparently, he made some major changes to the historical location during his leadership. Most of those changes had to do with interior design decisions, while Trump aimed to let the Plaza’s charm and history shine through.
“To modernize the hotel, new, inviting chandeliers were installed, an empty and old restaurant was replaced by a Japanese restaurant and bar, magnificent onyx was installed in every bathroom, and a large fitness center was created,” Trump’s website explains his time as owner.
“Yet to further highlight the grace and glamour of the past, the newer wall-to-wall carpeting of the lobby was removed, exposing the beautiful mosaics from the original design, and the ballrooms were restored to their previous grandeur.”
So why did Trump decide to buy it if he didn’t keep it for too long? Well, the Plaza’s own definition is enough of a reason. Once described as the “greatest hotel in the world,” according to publications that wrote about its grand opening in 1907, according to Business Insider.
And Trump felt the special nature of the location. “This isn’t just a building, it’s the ultimate work of art. I was in love with it,” he exclaimed in the portfolio.
Trump was even considered somewhat of a staple at the iconic location, which appeared in the film Home Alone 2: Lost In New York in 1992. While Trump owned the hotel, he made a cameo in the Christmas film, specifically, in the Plaza’s famous lobby. But, in 2019, Canadians viewing the film noticed Trump’s scene was cut, which led to the president’s claim his absence from the film was politically motivated by Canadian Prime Minister Justin Trudeau.
His love for the Plaza ran deeper, though. The future president even hosted his own wedding in the Plaza while it was under his ownership. He and Marla Maples (who Trump divorced in 1999 after they welcomed daughter Tiffany Trump) were married there on December 20, 1993, according to the Plaza timeline.
If Trump appreciated the Plaza’s design enough to host his own wedding there, why sell it?
Apparently, the hotel was facing bankruptcy, according to Bloomberg.
Trump officially released ownership of the Plaza Hotel in 1995. He sold it for $325 million, which means he lost around $83 million in the change of ownership.
