Fairmont Will Assume Management Responsibilities of the The Plaza Hotel and Condo Hotel when Renovat
NEW YORK, NY, November 22, 2005. Fairmont Hotels & Resorts Inc. ("Fairmont") is pleased to announce that it has entered into an agreement to manage The Plaza, one of New York's, and the world's, most renowned and prestigious hotel properties. The Plaza is currently undergoing an extensive $350 million renovation which, when completed, will feature 282 spacious, fully renovated luxury hotel rooms, including 152 condo hotel units. The restored Plaza will also contain elegant residential condominiums and high- end retail space. Subject to certain terms and conditions being finalized, Fairmont will assume management responsibilities of the hotel and condo hotel when The Plaza reopens in early 2007, in time to celebrate the property's centennial anniversary.
"New York City is one of the key strategic hotel markets in the world. We are delighted to be returning to the city and to the same address, with a magnificent, unrivalled luxury property," said William R. Fatt, Fairmont's Chief Executive Officer. "The Plaza's history, celebrated landmark status and renewed positioning, make it the ideal New York flagship for our distinguished hotel collection."
Mr. Fatt went on to say, "We are also pleased about our new relationship with the owner of The Plaza, ELAD Properties, and we hope that this will be the first of other partnership opportunities."
"In every respect, The Plaza will set a new standard of quality, luxury and sophistication. We will be creating, with Fairmont, a five diamond plus hotel in which the rooms, amenities, services and experience will be like no other, reflecting the traditions and expectations associated with this storied and iconic landmark," noted Miki Naftali, President and Chief Executive Officer of ELAD Properties. "The restored Plaza, quite simply, will once again be the greatest hotel in the greatest city in the world."
About The Plaza
Built in 1907, The Plaza hotel stands 19 stories high and overlooks 5th Avenue and Central Park in New York City. Designated a National Historic Landmark in 1986, this French Chateau-style hotel has hosted numerous dignitaries, movie stars and social events since its opening. In September 2004, Manhattan real estate developer, ELAD Properties purchased The Plaza, which is currently undergoing a $350 million renovation.
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