Amid the hubbub of La Posada Hotel co-owner Alan Affeldt recently buying the historic Castaneda Hotel in Las Vegas, N.M., one thing that’s been often overlooked is he wants to buy the historic Plaza Hotel in town, too.
Affeldt, the man who purchased and restored the La Posada Hotel in Winslow, Ariz., has made it clear that he wants to purchase the Plaza Hotel too. Indeed, when the purchase agreement on the Castañeda was announced in February, Affeldt said he would move forward on that deal only if the purchase of the Plaza was looking favorable.
On Thursday, Affeldt told the Optic that he has met with the New Mexico Finance Authority board and the president of the bank, both of whom have an ownership interest in the Plaza, and they have agreed, in principle, that they want to sell it. The Plaza went into receivership in 2012.
“For us it’s kind of a leap of faith that everything is going to work out with the Plaza,” Affeldt said, explaining that acquiring that hotel is critical for his Castañeda plans.
Affeldt explained modernizing Castaneda — basically adding bathrooms to every room — would give it only 20 guest rooms and wouldn’t be economically viable by itself. So Affeldt wants to buy the nearby Plaza Hotel to generate more revenue. Because the bank wants to unload the Plaza, Affeldt undoubtedly will get it at a bargain price.
The Castaneda Hotel sits about a mile from the Plaza Hotel.
The Plaza Hotel, deemed “The Belle of the Southwest,” was built in 1882. It underwent a $1 million renovation in 1982, and in 2009 bought the next-door Charles Ifeld Building for more guest rooms, a ballroom and meeting areas. The hotel is home to the popular Landmark Grill, and has hosted everyone from western star Tom Mix to scenes in the Oscar-winning film “No Country for Old Men.”
Las Vegas sits a few miles from old Route 66, but has become a popular side trip for travelers on the Mother Road’s Santa Fe Loop.
(Image of the Plaza Hotel by Enrique A. Sanabria via Flickr)