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Haywood F. Newkirk, MAI, was part of a team that provided valuation services for the real estate assets associated with the Plaza Hotel and determined the contributory value of the labor union contracts and equipment in place at the time of acquisition. The assignment required the analysis of land sales and cost data for hotel projects in Midtown Manhattan, home to some of the highest acquisition and construction costs in the Western World. Hotel sales were analyzed in New York and other major metropolitan markets such as Boston, Washington and San Francisco to determine a per room value for this property. The income and expenses for the Plaza were analyzed and compared to other 5 star hotel properties in the United States and Europe in order to analyze the future performance of the hotel. The eventual conversion of the hotel into condominium units was also analyzed based on cost and comparable sales analysis for high rise condominium projects in Manhattan.