You’ve probably seen it in Home Alone 2 or maybe you’ve just walked past those iconic gold-and-white awnings on Fifth Avenue and wondered who actually holds the keys to a place that legendary. Honestly, the answer isn’t as simple as one name on a deed. It’s a mess of international deals, sovereign wealth, and a century of ego-driven real estate flips.
If you ask a random New Yorker who owns the Plaza Hotel NYC, they might still tell you Donald Trump. Or they might mention some vague "group of investors" from overseas.
They aren’t entirely wrong, but they are out of date.
The reality of the Plaza today is a reflection of how globalized New York real estate has become. It isn't just a hotel anymore; it's a piece of a massive, state-backed portfolio that stretches all the way to the Persian Gulf.
The Power Player: Katara Hospitality
Right now, the sole owner of the Plaza Hotel is Katara Hospitality.
They aren't a typical real estate firm. Katara is a state-owned organization based in Qatar, specifically under the wing of the Qatar Investment Authority (QIA), which is the country’s sovereign wealth fund. Basically, the government of Qatar owns the building.
They bought the whole thing in 2018 for a cool $600 million.
This deal was a huge turning point. Before 2018, the ownership was a fractured headache of different stakeholders. You had a majority stake held by Sahara India Pariwar, and minority pieces held by Ashkenazy Acquisition Corp and Saudi Prince Al-Waleed bin Talal.
Katara basically walked in and cleared the table. They bought out every single one of those shares to take 100% control of the property.
Why Qatar?
It sounds a bit random, right? A desert nation owning a French Renaissance-style chateau on the edge of Central Park. But for Katara, this is a trophy hunt. They also own The Savoy and The Connaught in London. They like "legacy" assets—the kind of buildings that literally cannot be replicated.
The Confusion Between Owning and Managing
Here is where most people get tripped up. While Qatar owns the bricks and mortar, they don't actually run the front desk.
Fairmont Hotels & Resorts manages the day-to-day operations.
If you book a room, you’re dealing with Fairmont staff. If the towels are fluffy, that's Fairmont. If the air conditioning breaks, that's on Fairmont to fix. Katara is the landlord; Fairmont is the operator.
Fairmont itself is owned by Accor, a massive French hospitality giant. So, you have a Qatari owner and a French manager running a New York landmark. It’s a very "2026" business model.
The Ghosts of Owners Past
You can't talk about who owns the Plaza Hotel NYC without looking at the trail of wreckage—and riches—left by previous owners. This building has changed hands more times than a hot potato.
The Trump Era (1988–1995)
Donald Trump bought the Plaza in 1988 for roughly $390 million. He famously called it "the Mona Lisa." He even put his then-wife, Ivana Trump, in charge as president of the hotel. She reportedly worked for a salary of "one dollar a year plus all the dresses she could buy."
But the math didn't work. Trump took on massive debt to buy it, and the hotel struggled to break even. Eventually, his creditors forced a sale to Prince Al-Waleed bin Talal and Singaporean billionaire Kwek Leng Beng for about $325 million—a significant loss.
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The El Ad Transformation
In 2004, El Ad Properties bought the hotel and did something radical. They spent $450 million on a massive renovation that turned a huge chunk of the hotel into luxury condominiums.
This is a vital detail: Katara does not own the entire building. They own the hotel portion (282 rooms), the retail space, and the public areas like the Palm Court. But there are about 181 private condos in the building that are owned by individual millionaires and billionaires. When you see a light on in a window high up on the Central Park side, that might be a private resident, not a hotel guest.
Why Ownership Matters for You
Why should you care who owns the place? Ownership dictates the vibe.
Under Katara, the focus has shifted heavily toward maintaining the "National Historic Landmark" status while catering to an ultra-wealthy international crowd. They aren't looking to flip the building for a quick buck; they're looking to hold it for decades.
- Service Standards: Since Fairmont remains the operator, the service has stayed relatively consistent with the "old world" luxury expectation.
- Access: The public spaces like the Food Hall and the Palm Court are still accessible, though the prices for afternoon tea reflect the owners' desire for exclusivity.
- Stability: After years of legal battles involving the previous majority owner, Subrata Roy (who ran into serious legal trouble in India), the hotel is finally in a "quiet" period of ownership.
What Really Happened with the Sale?
The 2018 sale was actually a bit of a soap opera. For years, there were rumors of buyers from all over the world.
At one point, it looked like a group led by Shahal Khan and Kamran Hakim would take it. There were lawsuits, counter-offers, and a lot of drama regarding the "right of first refusal" held by the minority owners.
When the dust settled, the Qataris simply had the most liquid cash and the fewest legal hurdles. They paid $600 million for the hotel portion alone, which valued the rooms at over $2 million per "key." That is an astronomical price in the hotel world.
Looking Ahead: The Future of the Plaza
Is the Plaza still the king of New York hotels?
It has stiff competition now. Places like the Aman New York and the Baccarat Hotel are chasing the same high-end demographic. But those hotels don't have the history. They weren't the site of the Black and White Ball or the setting for Eloise.
Katara seems content to let the building's history do the marketing. They have recently invested in refreshing the retail collection and ensuring the Grand Ballroom remains the go-to for high-society weddings.
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If you’re planning a visit or just curious about the business side, keep these points in mind:
- Check the Management: Always look for Fairmont deals if you're trying to stay there; they often have member rates through Accor’s loyalty program.
- The Condo Split: Remember that if you're looking at real estate listings, those "Plaza" apartments are separate from the hotel ownership.
- The "Hidden" Areas: Parts of the hotel are strictly for residents, so don't expect to wander everywhere just because you're a hotel guest.
The Plaza is more than just a hotel; it's a barometer for the global economy. As long as Katara Hospitality holds the deed, the building remains a crown jewel of Qatari investment in the United States. It’s a stable, quiet ownership that suits a building of its age and stature.
Next Steps for You:
If you want to see the ownership's influence firsthand, head to the Palm Court for tea. It’s the easiest way to experience the $450 million renovation and the "Katara era" maintenance without dropping $1,000 on a room. Also, keep an eye on Accor Live Limitless (ALL) promotions; since Fairmont manages the property, you can often use or earn points here, which is the only real "hack" for making a stay at the Plaza affordable.