OTHER NEWS - March 19, 1992
From Times Staff and Wire Reports
Trump to Give Up Half of Plaza Hotel: Developer Donald J. Trump is giving up 49% of the luxury Plaza Hotel to bankers after he failed to raise cash by selling off suites in the building as condominiums, Plaza President Richard Wilhelm said. The landmark Plaza, which Trump long referred to as one of his “trophy” properties, has been struggling under the weight of about $600 million in debt. Trump has reached an agreement in principle with a banking group led by Citicorp under which he will get “a substantial reduction in interest and principle” in exchange for a minority stake in the hotel, Wilhelm said. Sources close to the deal said Trump’s bank debt would be cut in half.
