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(Famous hotels) are more glamorous assets than other commercial real estate, says expert David Schwartz of the University of Nevada/Las Vegas. fully inclusive car rental in usa (And) when there s a weak U.S. dollar, foreign capital goes a long way. Schwartz says wealthy individuals and companies fully inclusive car rental in usa from overseas purchase landmark American hotels for a variety of reasons, from the U.S. market s safe-haven status to a desire to own trophy properties. (Hotels) are well-known assets, and there s a bit of ego involved with planting your flag on them, he says. Of course, such investments don t always work out.For instan fully inclusive car rental in usa ce, Dubai World the investment arm of oil-rich Dubai s government has lost big on the 50% stake in Las Vegas new MGM Resorts CityCenter that it bought in 2007 for $2.7 billion. A massive retail, fully inclusive car rental in usa residential, hotel and casino complex, CityCenter s value has plummeted as the Vegas real estate market tanked.Similarly, Israeli-owned El-Ad Group s $1.2 billion purchase and subsequent demolition of the New Frontier casino/hotel in 2007 hasn t done well. The firm has put a hold on plans to build a $5 billion Las Vegas version of New York s famous Plaza Hotel there. El-Ad dramatically overpaid for the land the New Frontier was on and will likely fully inclusive car rental in usa never get its investment back, (while) DubaiWorld has seen the value of its CityCenter stake drop due to several write-downs, Schwartz says. Again, it may never recoup its investment. Still, the expert says buying famous U.S. hotels can work out for foreign investors. When managed correctly, (landmark U.S. hotels) have the potential to be profitable, Schwartz says.Here s a look at some famous American hotels that are now under foreign ownership:The Beverly Hills Hotel, Los AngelesPartly owned by actresses Irene Dunne and Loretta Young in the 1940s (and later by inside-trading scammer Ivan Boesky in the 1980s), this Hollywood landmark has belonged to oil-rich Brunei s royal family since 1987.The 99-year-old hotel has been attracting Hollywood stars since the 1920s, from Charlie Chaplin to Barbra Streisand.Howard Hughes stayed there on and off for decades, while Frank Sinatra, fully inclusive car rental in usa Dean Martin and other members of the Rat Pack held court at the hotel s famous Polo Lounge during the 1950s.The property closed for nearly three years in the early 1990s for a $100 million makeover. Workers upgraded all guest rooms with custom-made furnishings, and also added the Sunset Lounge fully inclusive car rental in usa tea room and the Polo Lounge Private Dining Room.The Hotel Bel-Air, Los AngelesForeigners have owned this legendary pink-stucco hotel sin ce 1989, when Japan s Sazale Group bought it for some $110 million from Texas oil heiress Caroline Hunt.Opened in 1946, the Hotel Bel-Air once counted Marilyn Monroe and Elizabeth Taylor as semi-permanent residents. Grace Kelly also favored the place, while former President Richard Nixon holed up in the hotel for a time to write his memoirs.However, fully inclusive car rental in usa Sazale ran into financial problems and ultimately surrendered the hotel in 1994 to its lender, which sold it to Brunei s royal family for $60 million a year later.The royal family has poured millions into the hotel since then, renovating it three times.The latest project wrapped up in October, with workers finishing a top-to-bottom upgrade that had kept the hotel closed for two years.New amenities include a 4,134-square-foot spa, a restaurant operated by Wolfgang Puck and 15 additional guest rooms (including one that rents for $4,800 per night). Builders also erected a cell-phone tower on the lushly landscaped 12-acre site, which had long lacked fully inclusive car rental in usa reliable cell-phone service.The Plaza Hotel, New YorkConrad Hilton and Donald fully inclusive car rental in usa Trump both owned this New York landmark at various points in its 104-year-old history, but the hotel passed out of U.S. hands in 1995.That s when Trump sold it to a group led by billionaire Saudi Arabian Prince Alwaleed bin Talal for $325 million ($82.5 million less than Trump had paid seven years earlier).Nine years later, fully inclusive car rental in usa the prince sold the Plaza to the U.S. arm of Israeli-owned El-Ad Group for $675 million.Located across the street from Central Park, the Plaza has played host to New York s rich and famous for decades and also has a prominent place in pop culture.Author fully inclusive car rental in usa Kay Thompson set her Eloise series of children s books at the Plaza, while key parts of F. Scott Fitzgerald s classic novel The Great Gatsby take place at the site. Neil Simon also set his comedy Plaza Suite (originally a Broadway play and later a movie) entirely at the hotel.El-Ad closed the Plaza from 2005 to 2008 for a radical fully inclusive car rental in usa $400 million makeover.The project converted the 800-room hotel into a mix of 130 guest rooms, 182 condos (some that sold for $50 million) and 152 condo hotel units. Those are hotel rooms that clients can buy and use when they re in town, but rent out when they re not.The Watergate Hotel, Washington, D.C.France s Euro Capital Partners paid some $45 million last year for the Watergate fully inclusive car rental in usa Hotel, part of the Watergate fully inclusive car rental in usa complex made famous by the Nixon administration s 1972 break-in at the Democratic Party s national headquarters.Euro Capital has announced plans to spend $50 million restoring the 12-story, 251-room hotel, which fell into disrepair and foreclosure fully inclusive car rental in usa and hasn t been open to guests since 2007.The company, which also owns France s Hilton Arc de Triomphe Paris hotel, reportedly intends to add new restaurants, bars, spa facilities and possibly luxury fully inclusive car rental in usa condos.
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