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The Plaza Apartments?

The Plaza Hotel will be sold to Elad Properties for $675 million—or $838,000 a room, the highest amount ever paid for a New York City hotel—The New York Daily News reports. Elad plans to turn some of the 805 rooms in the hotel into condos. Although the hotel recorded a $1.8 million loss last year, industry analysts estimate the conversion plans will help boost revenue and allow the new company to raise hotel rates. Donald Trump (who sold the Plaza in 1995 to Saudi prince Alwaleed Bin Talal) considered similar plans to convert the hotel, but never implemented them.

Posted 08.18.04