Trump Selling Stake In The Plaza Hotel

Thu., April 13, 1995

From Staff And Wire Reports

The Donald is no longer The Boss at The Plaza.

Donald Trump is selling a controlling interest in the New York landmark to a Saudi Arabian prince and a Singapore-based hotel company for $325 million.

The deal, announced here Tuesday, caps months of speculation about the fate of the 805-room hotel located on Fifth Avenue near Central Park - including a rumored bid by the Sultan of Brunei, the richest man in the world.

CDL Hotels International Ltd., the hotel arm of Singapore Hong Leong Group, said it has formed a joint venture with an entity controlled by Saudi Arabian Prince Al-Waleed bin Talal bin Abdulaziz Saud.

Trump currently owns 51 percent of the Plaza. The rest is owned by the banks, which obtained their interest from Trump three years ago in exchange for a substantial reduction in his bank debt.

The percentages of ownership in the new partnership weren’t disclosed, but CDL said the deal calls for the partnership to eventually control 80 percent.

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Trump Selling Stake In The Plaza Hotel

Jesse Tinsley

Jim Meehan

Molly Quinn

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