It's beginning to look like the glitzy, upscale Plaza Hotel may go the way of Tavern on the Green. After a century in the business, the landmark hotel and playground to Eloise is losing its cache, and its profits too. Where the Plaza's gilded halls are concerned, do New Yorkers want in with the new, out with the gold?
The major decline in revenue was observed in the diving value of the Plaza's condos. "The last 11 owners to sell their luxury condos at the Plaza Hotel sold them at a loss, including the owner of Apartment 409, which sold for $8.5 million less than it cost 16 months before," reports the NY Times. The hotel's underground luxury mall is in bad shape too—one expert broker is advising clients not to rent space there since shopper traffic is sparse. Bookings of the Grand Ballroom dropped 20 percent last year, and hotel room occupancy did too.
Experts say the 282-room hotel is losing its je ne sais quoi. “It’s gone from being a landmark to being just a building,” said an independent restaurant consultant.
