NEW YORK — British hotel investment group Millennium & Copthorne is selling the prestigious Plaza Hotel for $681.4 million in a deal made public today. The joint venture which runs the Plaza, Plaza Operating Partners, has a 50% stake in the property and will sell the hotel to CPS One, an affiliate of U.S. property investment group, El Ad Properties New York. Millennium & Copthorne’s share of turnover from the Plaza was $66.1 million for the duration of 2004, while its share of the hotel’s pre-tax losses was $1.1 million. It would use its share of the sale proceeds to reduce its debt and fund the group’s general working capital. Millennium & Copthorne’s recovery was firmly on track after turning half-year losses into profits of $37.9 million.
