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NEW YORK CITY-The Plaza Hotel, which was acquired by Elad Properties, for $675 million in one of last year's largest transactions, will close on April 30. A renovation effort, said to cost "in excess of $100 million," according to a source, will transform the 805-room hotel into a mixed-use property adding an emphasis on retail.

Miki Naftali, president of Elad, says the "new" Plaza will have 200 luxury condominiums and 150 hotel rooms as well as between 150,000 and 160,000 sf of retail space on five to six levels. Naftali notes that the landmark's Grand Ballroom, Palm Court and Oak Room would remain intact without undergoing any structural changes.

The refurbished hotel is scheduled to reopen late in 2006. It is still unclear what will happen with the current hotel staff. A source says the matter is currently under discussion. Gal Nauer of locally based Gal Nauer Architects and Costas Kondylis and Partners are finalizing plans for the renovation and conversion, while Tishman Realty & Construction will serve as construction manager for the project.