The Plans for the Plaza
Reuters breaks down the new plans for the Plaza Hotel in New York. The hotel will reopen in late 2006 with 200 condos and 150 hotel rooms as well as a multi-level luxury department store. Prices for the new condominiums have not been announced but prospective buyers are already lining up, cash in hand. The condos will be on the upper stories while the new hotel rooms will be on the lower floors. The Plaza's Grand Ballroom, Palm Court and Oak Room restaurant will remain as iconic portions of the legendary hotel. The Plaza is just one of the many condo-hotel combinations rising all over the country. The PSFK blog does a nice summary of the "CoTel" phenomenon which is becoming more and more attractive to those who prefer hotel living.