The family business · Before politics · № 2
Saudi Prince Alwaleed bin Talal joins $325 million deal for Trump's Plaza Hotel
- Date
- , Reported by The New York Times, the Associated Press and The Washington Post
- Subject
- Saudi Arabia
- Benefit
- Real estate and licensing
- Government
- Saudi Arabia
- Beneficiary
- Donald Trump
- Amount
- $325 million
- Topic
- Ethics & conflicts
- Era
- Before politics
What happened
In 1995 Trump sold the Plaza Hotel in New York to a partnership formed by Saudi Prince Alwaleed bin Talal and an investor from Singapore, according to The New York Times. The Times reported that the $325 million deal enabled Trump to escape a default on his loans. The Associated Press described the hotel as money-losing, and The Washington Post reported that the prince acquired his stake by agreeing to pay off some of Trump's debts on the property. Trump biographer Tim O'Brien told the Post that the prince got a good price because Trump was in financial straits, and that there was no indication then that Saudis wanted to curry favor with him. Freedom House rated Saudi Arabia Not Free in its 1995-96 survey.
Sources
- Trump's Business Ties in the Gulf Raise Questions About His Allegiances
- 'I love the Saudis': Trump business ties to kingdom run deep
- 'I like them very much:' Trump has long-standing business ties with Saudis, who have boosted his hotels since he took office
- Country and Territory Ratings and Statuses, 1973-2024