A friend of mine recently recalled the last time he visited New York City during the early nineties. He was staying at the most expensive hotel in the city. It was said that this hotel was home to Hollywood movie stars and the rich and famous. It was billed as the most famous and elegant hotel in Gotham. My friend was telling me his room was located on the third floor and looked out over an alley way. When I asked him about what he remembers most about his stay at this famous hotel he laughs and says that he ordered a BLT with fries and the bill came to a whopping $75.00. Where did my friend have this particular bad experience? The Plaza Hotel.
The Plaza Hotel has been sitting at the intersection of Fifth Avenue and Central Park in New York City since 1907. It was the crown jewel of the New York real estate market for many years. Today, it was learned that the current owner of the hotel will be putting it up on the auction block on April 26th. What was once a grand and elegant hotel has now become a financial liability.
The man who owned the Plaza Hotel at the time when my friend was staying there was the same man who is currently running for president on the republican-populist ticket with the theme, “Make America Great Again!” Donald Trump bought the Plaza Hotel in 1988 for $407.5 million. At the time of the sale Mr. Trump bragged, “that he hadn’t purchased a building, I have purchased a masterpiece, the Mona Lisa” he would further say, “I can never justify the price I paid, no matter how successful the Plaza becomes.” Ironically, in seven short years this so-called deal maker who wrote, “The Art of the Deal” lost $82 million when he sold The Plaza for $325 million in 1995.
The man who plans to, “Make America Great Again” couldn’t even make The Plaza Hotel great. In fact, The Plaza never became successful or profitable under his stewardship. If this is any indication of how Donald Trump plans on running the country, we will not only see the continuing decline of America, we can all look forward to going out to our favorite eating establishment and shelling out $75 bucks for a BLT and fries.