The hotel was sold in 2004 for $675 million (equivalent to $914 million in 2019) to Israeli-owned Manhattan-based developer, El Ad Properties.
El Ad bought the hotel with plans of adding residential and commercial sections.
Because the Plaza Hotel is a New York City designated landmark, Tishman Construction Corporation, the construction management company hired to complete the renovations and conversions, had to comply with landmark regulations.
El Ad temporarily closed the Plaza Hotel on April 30, 2005, for extensive renovations costing $450 million.
Beginning May 2005, the Plaza Hotel's contents were available to the public via a liquidation sale.
The hotel reopened on March 1, 2008, offering 282 hotel rooms and 152 private condominium units; it was managed by Fairmont Hotels and Resorts.
Diamond retailer Lev Leviev put in the first bid for a Plaza apartment at $10 million.
Most of the condominium units are usually empty, used as pieds-à-terre by their wealthy owners.

In November 2008, the Plaza Hotel unveiled its retail collection, an underground mall featuring luxury brands such as Vertu and Demel Bakery (closed as of March 2010), an Austrian-owned business.
In 2010, the Plaza Food Hall opened in the underground mall, anchored by the Todd English Food Hall in collaboration with Chef Todd English.
The Plaza Food Hall was the first American food hall concept; it was designed for English by restaurateur Brian Crawford, in collaboration with El Ad CEO Miki Naftali and famed architect Jeffery Beers.
On July 31, 2012, India's business group Sahara India Pariwar agreed to buy a 75% controlling stake for $570 million from El Ad Properties.
Later that year, Kenneth Bordewick of Beverly Hills Luxury Interiors was hired to redesign several of the Penthouse Suites, the Palm Court, the Rose Club, and the Champagne Bar at a cost of $145 million.
The stake included 100 of the Plaza's 150 hotel-condominium units and a retail portion that included the Oak Room bar.
In August 2014, Sahara's Subrata Roy announced he was seeking a buyer for his company's majority stake in the Plaza, along with similar stakes in the Dream Hotel in New York and the Grosvenor House Hotel in London.
A $4 billion price tag was placed on the Plaza stake.
Speculation that Sultan Hassanal Bolkiah of Brunei would be the buyer was quashed by the sultan.

In 2016, Saudi businessman Al-Waleed bin Talal, who already controlled a 50% stake in the building's hotel, restaurant, and retail portion through his Kingdom Holding Company, partnered with the Qatar Investment Authority to purchase the hotel, but the deal fell through.
He partnered again in 2017 with Ashkenazy Acquisition Corporation in another attempt to purchase control of the structure.
In May 2018, the Sahara Group announced it had finalized a deal with Shahal M. Khan, founder of Dubai-based White City Ventures, and Kamran Hakim of the Hakim Organization to buy a majority share of the hotel for $600 million.
That deal was expected to close on June 25, 2018.
In October 2018, Qatar's Katara Hospitality's chairman Sheikh Nawaf Al-Thani announced the expansion of its global portfolio with the acquisition of the Plaza.
The hotel was sold in 2004 for $675 million (equivalent to $914 million in 2019) to Israeli-owned Manhattan-based developer, El Ad Properties. El Ad bought the hotel with plans of adding residential and commercial sections. Because the Plaza Hotel is a New York City designated landmark, Tishman Construction Corporation, the construction management company hired to complete the renovations and conversions, had to comply with landmark regulations. El Ad temporarily closed the Plaza Hotel on April 30, 2005, for extensive renovations costing $450 million. Beginning May 2005, the Plaza Hotel's contents were available to the public via a liquidation sale. The hotel reopened on March 1, 2008, offering 282 hotel rooms and 152 private condominium units; it was managed by Fairmont Hotels and Resorts. Diamond retailer Lev Leviev put in the first bid for a Plaza apartment at $10 million. Most of the condominium units are usually empty, used as pieds-à-terre by their wealthy owners.
In November 2008, the Plaza Hotel unveiled its retail collection, an underground mall featuring luxury brands such as Vertu and Demel Bakery (closed as of March 2010), an Austrian-owned business. In 2010, the Plaza Food Hall opened in the underground mall, anchored by the Todd English Food Hall in collaboration with Chef Todd English. The Plaza Food Hall was the first American food hall concept; it was designed for English by restaurateur Brian Crawford, in collaboration with El Ad CEO Miki Naftali and famed architect Jeffery Beers. On July 31, 2012, India's business group Sahara India Pariwar agreed to buy a 75% controlling stake for $570 million from El Ad Properties. Later that year, Kenneth Bordewick of Beverly Hills Luxury Interiors was hired to redesign several of the Penthouse Suites, the Palm Court, the Rose Club, and the Champagne Bar at a cost of $145 million. The stake included 100 of the Plaza's 150 hotel-condominium units and a retail portion that included the Oak Room bar. In August 2014, Sahara's Subrata Roy announced he was seeking a buyer for his company's majority stake in the Plaza, along with similar stakes in the Dream Hotel in New York and the Grosvenor House Hotel in London. A $4 billion price tag was placed on the Plaza stake. Speculation that Sultan Hassanal Bolkiah of Brunei would be the buyer was quashed by the sultan.
In 2016, Saudi businessman Al-Waleed bin Talal, who already controlled a 50% stake in the building's hotel, restaurant, and retail portion through his Kingdom Holding Company, partnered with the Qatar Investment Authority to purchase the hotel, but the deal fell through. He partnered again in 2017 with Ashkenazy Acquisition Corporation in another attempt to purchase control of the structure. In May 2018, the Sahara Group announced it had finalized a deal with Shahal M. Khan, founder of Dubai-based White City Ventures, and Kamran Hakim of the Hakim Organization to buy a majority share of the hotel for $600 million. That deal was expected to close on June 25, 2018. In October 2018, Qatar's Katara Hospitality's chairman Sheikh Nawaf Al-Thani announced the expansion of its global portfolio with the acquisition of the Plaza.
Plaza Hotel