| Notes |
In 1988 The Trump Organization purchased the Plaza Hotel in Manhattan for $410 million. By 1992 the hotel had more than $550 million in debt. Trump had no choice but to give up the Plaza. He was in the midst of negotiating with Citibank and his other creditors to save what he could of his empire, and he couldn’t risk it all falling apart on the basis of one hotel. So in April 1995, the deal with Kwek and Alwaleed finally closed. It valued the hotel at $325 million, or $83 million less than what Trump had paid seven years earlier. |