Plaza Hotel Sale to Trump Told

Developer Donald Trump has a handshake agreement to buy the 81-year-old landmark Plaza Hotel for $450 million, the Wall Street Journal reported today. The Plaza’s owners have reportedly agreed on basic terms with Trump and are expected to sign a binding contract next week for the famed hostelry that overlooks Central Park and Fifth Avenue.

An unidentified source quoted in the Journal said Trump was the preferred bidder because it was believed he was most likely to “restore” the hotel’s luster. The hotel was acquired in January from the Allegis Corp. when Robert M. Bass of Ft. Worth, Tex., and the Tokyo-based Aoki Corp. bought the Westin Hotels and Resorts chain, for $1.53 billion. Bass owns 71% of the Plaza; Aoki owns the rest.