Plaza Hotel To Close For $100M Makeover

Juliet Glass
Posted: March 2, 2005

Big changes are afoot at the legendary Plaza Hotel in Manhattan. In April, the hotel's newish owners, the NYC-based Elad Properties, which concluded the purchase just last August, will close the Plaza for a sweeping top-to-bottom $100 million makeover.

On reopening in late 2006, look for a "mixed use" property of 200 deluxe condos, 150 hotel rooms, and 150,000 square feet of luxury retail space. The Plaza's architectural gems, the Grand Ballroom, the Palm Court, and the Oak Room, will undergo minimal renovations.

In related news, New Year's was the final act for ONE c.p.s. (formerly The Edwardian Room), the Smith & Wollensky Restaurant Group venue in the hotel. Kert Eggers, ONE c.p.s.'s top toque, is now exec chef at Cité (another S&W property). Elad closed the hotel's Oak Room and Oyster Bar in February. The Palm Court and the Oak Bar will remain open until renovation begins.

At last report when the hotel reopens it's likely that a number of luxury restaurants will be independently operated.