Donald Trump wants to fill his historic Plaza Hotel with condominium apartments in order to raise money and also plans to remove his ex-wife as head of the hotel, a published report said.
The New York Times reported in its Tuesday editions that Trump is drawing up a conversion plan for the hotel. The plan, the first legal step in the condominium conversion process, should be filed with the state attorney general within 60 days.Trump bought the famed 813-room hotel off Central Park three years ago for $390 million.
Lately, however, the developer has been under mounting pressure by his creditors to sell some of his assets. Proceeds from any condominium sales would be used to pay off part of the $300 million mortgage on the Plaza, the Times reported.
The Times also reported that Trump's former wife, Ivana, will soon be removed from her position of running the hotel.
Under the conversion plan, some of the 800 units to be turned into condos would still be used as hotel rooms, the Times reported.
The asking prices for the Plaza condos would range from about $750,000 for the 500-square-foot units to several million dollars for the largest ones, the Times said.