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Elad Group Reopens New York's Plaza Following a $400 million,
Two-year, Lobby-to-roof Renovation

NEW YORK, March 1, 2008 - Fairmont Hotels & Resorts today proudly announces the reopening of one of New York's most distinctive landmarks, The Plaza. After a delicate and thoughtfully curated $400 million, two-year, lobby-to-roof renovation, The Plaza continues its tradition of defining luxury and delivering unmatched five-star service with a new contemporary spirit. The hotel will open on March 1 with a grand opening celebration planned for May. The ultimate luxury lifestyle destination, the new Plaza features lavish hotel rooms, private residences, destination restaurants, an exclusive retail collection, and state-of-the-art meeting and event spaces.

"Today marks the return of an international legend and Fairmont Hotels & Resorts is proud to introduce the new Plaza to New York and welcome guests from around the world," commented Chris Cahill, President and COO, Fairmont Hotels & Resorts. "This dramatic renovation has restored The Plaza's famous spaces to their previous opulence and raised standards for luxury hotels around the world through unrivaled service and extraordinary amenities."

The Plaza offers 282 guestrooms and suites, featuring the largest overall square footage of any luxury hotel in New York City, including 102 elegant suites in seven distinct designs and layouts. Each guestroom and suite has been designed to reflect the grace of a glorious past, and updated with contemporary conveniences to meet the needs of today's most discerning travelers. Inspired by the Louis XV style of French decor, rooms are impeccably adorned with custom-made furnishings, meticulously selected decorative accents and rich fabrics. The Plaza is proud to be the only hotel in the world offering stunning 24-karat gold plated Sherle Wagner sinks and fixtures, delicately cradled in hand-crafted solid white marble vanities, in every bathroom.

Guests will experience truly unprecedented and unmatched services and amenities at The Plaza, including white glove butler service in every guestroom. The Plaza butlers and guest relations team will provide flawless experience, anticipating guests' every need and accommodating every wish. The first-of-its-kind Guest Services touch panel, created specifically for The Plaza by AMX, provides access to personal butler and concierge assistance and a wide range of hotel and travel services. AMX is known for simplifying technology so that anyone can control and automate their environment.

"The Plaza team is passionate about delivering the highest level of service to the most discerning travelers," said Shane Krige, general manager. "We will pamper our guests with personal touches, and offer one-of-a-kind amenities not available anywhere else in the city. Our iconic hotel will continue to host legendary events, from the most intimate to the most lavish, in our restored Grand Ballroom and throughout the hotel with the re-opening of the historic Palm Court, and the debuts of the new Champagne Bar and Rose Club."

Opulent style and design bring The Plaza experience to life with the return of legendary and magnificent public spaces such as the Palm Court and the Grand Ballroom. Under the artful guidance of Executive Chef Didier Virot, dining at the Palm Court blends classical and modern French cuisine with imaginative breakfast, lunch, dinner, afternoon tea and brunch menus. Two highly-anticipated new public spaces at The Plaza include the lobby's exquisite Champagne Bar, offering an incomparable selection of champagne and the Rose Club, overlooking the lobby on the mezzanine level bringing a stylish ambiance to the property.

The elaborate and detailed restoration of The Plaza is exemplified by a number of significant touches including the reconstruction of a spectacular 1,800 square-foot stained-glass laylight ceiling in the Palm Court. This gives guests the first opportunity to enjoy this spectacular work of art in more than 60 years. Its historic renovation was based on the retrieval of shards of colored glass from the original ceiling, archival data and architectural records. Lit from above, it promises to dazzle with a series of changing hues throughout the day and evening, reflecting the history and majesty of The Plaza's defining centerpiece.

The Grand Ballroom, a New York City landmark, will retain the neo- classical decor of its original design and its walls will represent The Plaza's original color palatte of white and gold. Offering 21,000 square feet of meeting space with seven new meeting rooms, including the Grand Ballroom and the Terrace Room, The Plaza will once again be the premier location for events and meetings in New York. While all seven rooms can be opened to accommodate 450 people, the smallest room can be reserved for as few as 10 people and the largest can be reserved for up to 150. Depending upon the arrangement of each room, The Grand Ballroom can accommodate from 500 - 700 people while the Terrace Room can accommodate from 350 - 500 people.

The Plaza Retail Collection is set to open in late spring 2008 and will be an exciting new addition to The Plaza experience, bringing together the world's most luxurious shops, exclusive, high-end boutiques and specialty food purveyors to one distinctive location. Occupying 160,000 square feet on six levels, this world-class retail collection will also include a Caudalie Spa, Fitness Center by Radu, a Warren Tricomi Salon and other unforgettable experiences. The Plaza Retail Collection will have its own direct entrance from 58th Street.

The restoration of The Plaza, Henry Janeway Hardenbergh's Beaux Arts masterpiece, has been overseen by an award-winning design team including Gal Nauer Architects, Costas Kondylis and Partners, Walter B. Melvin Architects and Rani Ziss Architects. The Plaza Hotel is managed by Fairmont Hotels & Resorts and jointly owned by the El Ad Group and Kingdom Holdings. Kingdom Holding Company (KHC) Chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud is one of the world's most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player internationally and in the Arabian Gulf region.

About The Plaza

Timeless, captivating and unforgettable, The Plaza has undergone a $400 million, two-year, lobby to roof renovation and restoration. The passion and uncompromising service which made the hotel a legend has returned with a new and contemporary spirit. From the graciously appointed decor to impeccable white glove service, the Plaza is an extraordinary hotel that offers guests every indulgence and, featuring a world-class retail collection, Caudalie Spa and Fitness Center by Radu, is a luxury lifestyle destination. The Oak Room and Oak Bar provide quintessential New York experiences, and the opulent Plaza Grand Ballroom will continue to host the world's most memorable events. The Palm Court will offer its famed afternoon tea, as well as power breakfast, lunch and dinner. New additions include the elegant Champagne Bar and stylish Rose Club. On May 10, guests from the world-over, plus a star-studded list of celebrities, will enjoy an elaborate reception and performance in the Grand Ballroom, along with musical interludes in the Palm Court, Oak Room, Rose Club and Edwardian Room, as part of the official grand opening celebration of The Plaza. Designated a New York City Landmark in 1969 it is also the only New York City hotel to be designated as a National Historic Landmark. The Plaza is jointly owned by New York-based Elad Properties, a subsidiary of the Elad Group, and Kingdom Holdings, a Saudi Arabia-based corporation. It is managed by Fairmont Hotels & Resorts. For reservations and additional information, please call 888-240-7775 or visit .

About Fairmont Hotels & Resorts

A leader in the global hospitality industry, Fairmont Hotels & Resorts is an extraordinary collection of luxury hotels which includes iconic landmarks like The Fairmont Banff Springs, Fairmont Monte Carlo and New York's The Plaza. Fairmont hotels are one-of-a-kind properties where sophisticated travellers can discover culturally rich experiences that are authentic to the destination. Situated in some of the most exclusive and pristine areas in the world, Fairmont is committed to responsible tourism and is an industry leader in sustainable hotel management with its award-winning Green Partnership program. Fairmont's portfolio includes 55 distinctive hotels, with plans to develop over 20 new properties in the coming years in destinations as diverse as Beijing, Abu Dhabi and South Africa.

Fairmont is owned by Fairmont Raffles Hotels International, a leading global hotel company with over 85 hotels worldwide under the Raffles, Fairmont and Swissotel brands. The company also owns Fairmont and Raffles branded Residences, Estates and luxury private residence club properties.


Fairmont Hotels & Resorts


Also See: Elad Properties Backs Down from Controversial Plan for the 805-room Plaza Hotel; Fewer Condos, More Hotel Rooms Provides Union with More Jobs Saved / April 2005
After Paying a New York City Record $838,000 per Room, Elad Properties-Ad Group Ltd. May Convert Some of The Plaza into Residential Units / August 2004
Fairmont Will Assume Management Responsibilities of the The Plaza Hotel and Condo Hotel when Renovation Completed in Early 2007 / November 2005


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