With only one day left before the arrival of 1996, it was a quiet Saturday.
In the spacious penthouse living room, overlooking a snow-covered Central Park through its floor-to-ceiling windows, Seok-won sat on the sofa with Landon, deep in conversation.
"So, you're saying that the British hotel chain and the Saudi prince negotiating with Trump actually offered $325 million for the Plaza Hotel, not $400 million?"
Seok-won let out a short, incredulous laugh as he repeated the statement.
Landon gave a small nod. "That's right. And even that was the highest bid. Industry estimates put the Plaza Hotel's value at around $300 million."
Clicking his tongue, Seok-won shook his head. "I expected Trump to bluff about the price, but trying to overcharge me by $75 million? That's ridiculous."
"Exactly. He must think we're easy targets to lie about something so easily exposed." Landon frowned in displeasure.
Though irritated, he kept his composure and asked, "But wasn't the purchase price seven years ago $400 million? How did its value drop by tens of millions instead of increasing?"
"It's because of the Plaza Hotel's reputation as a historic landmark."
Seok-won tilted his head in confusion. "Shouldn't a strong reputation increase its value?"
"Normally, yes. But ironically, in the Plaza Hotel's case, that very reputation is holding it back."
Landon shrugged, noting Seok-won's furrowed brows, and elaborated further.
"You know the Plaza Hotel and the Waldorf Astoria have both been designated as National Historic Landmarks by the federal government, right?"
The Waldorf Astoria, located between Park Avenue and Lexington Avenue, was often referred to as "New York's Palace."
Since opening in October 1931, it had been one of New York's most prestigious landmarks, standing shoulder to shoulder with the Plaza Hotel in both history and reputation.
'Considering how every U.S. president since Hoover has stayed in the 35th-floor Presidential Suite at the Waldorf Astoria whenever they visit New York, the Plaza Hotel does fall slightly behind in prestige.'
Seok-won recalled that even this legendary hotel would, in about a decade, fall into the hands of rapidly expanding Chinese capital. With that in mind, he continued listening to Landon.
"Being designated as a National Historic Landmark means that not only can it never be demolished, but even renovations and interior modifications are subject to strict regulations."
Seok-won immediately grasped the implication and let out a low murmur. "Hmm... So even if the land value rises, large-scale redevelopment is impossible because it's essentially a protected landmark."
"Exactly. Since the building's structure has to be preserved, its profitability is naturally limited."
"..."
"On top of that, it's an old building, which means maintenance costs are significantly higher than those of modern hotels."
This was an aspect Seok-won hadn't fully considered before, but now it made sense why other investors were valuing the Plaza Hotel so conservatively.
Sensing the moment, Landon hesitated slightly before speaking carefully. "Given all this, the return on investment for acquiring the Plaza Hotel may not be as high as you'd expect."
Unlike Landon, who was skeptical about the acquisition, Seok-won saw things differently.
He picked up his coffee, took a sip, set the cup down, and spoke in a calm but firm tone.
"It's unfortunate that large-scale redevelopment is out of the question, but that just means the Plaza Hotel is considered so historically and culturally significant that it warrants such protection. And that level of prestige alone can offset potential losses."
"..."
"Like all luxury goods, true value comes from rarity. In the middle of Manhattan, surrounded by sleek modern skyscrapers, a hotel with deep historical roots and tradition will only become more unique and desirable over time."
Despite Seok-won's reasoning, Landon still looked unconvinced.
"So, you've made up your mind to acquire the Plaza Hotel?"
Leaning back into the plush sofa, Seok-won gave a slight nod.
"At that price, it's not an unreasonable purchase. Besides, I need a place to stay when I come to New York. I'm already comfortable using this penthouse, and it's close to Wall Street. Since it's on the market, I figured acquiring it wouldn't be a bad idea."
Buying an entire hotel worth over $300 million just because he needed a place to stay.
That was a decision only someone like Seok-won could make.
"Our short bet against the yen brought in around $5.3 billion, right?"
"Yes. After deducting the principal and costs, the net profit was $3.362 billion. On top of that, I made an additional $3.16 billion in Japan through a currency hedge option, so funds aren't an issue."
"Then there's nothing to worry about."
Though the Plaza Hotel's profitability was low, there was no real downside to acquiring such a major New York landmark. Seeing that, Landon no longer opposed the idea.
"Understood. But I assume you're not planning to accept their asking price outright."
"Of course not. I'm not an easy mark, and I won't just let them rip me off when I know exactly what they're trying to pull. Especially with such low expected returns. Wouldn't you agree?"
"Absolutely."
Crossing one leg over the other, Seok-won smoothly shifted the conversation.
"I'll handle the negotiations for the Plaza Hotel personally. Now, what's the latest on the government shutdown?"
Landon straightened his posture, his expression turning serious.
"Moderates from both parties are working behind the scenes to find a compromise, but Speaker Savitz and President Clinton are both holding firm, so there hasn't been much progress."
"At this point, neither side can afford to walk away empty-handed. Even if they wanted to back down, the political blowback would be too great."
Seok-won spoke as if he had expected this outcome, and Landon nodded in agreement.
"Exactly. They've come too far to settle for a half-measure."
"Speaker Savitz is still in Atlanta, right?"
"Yes. It seems he plans to stay in his district until the first full House session next year."
"So, he's basically telling the White House, 'If you want the government shutdown to end, wave the white flag and come to Atlanta.'"
A bold and provocative move—just as expected from a hardliner.
"Because of that, rather than trying to negotiate with Savitz directly, the White House has been reaching out to senior Republican lawmakers instead."
"If a White House official goes to Atlanta, it would look like they're bowing down and begging. That's why they're avoiding it."
If they wanted productive talks, they'd need to let Savitz save face, but with the situation as it was, even getting both sides to sit at the same table seemed unlikely.
"What's the mood like within the Republican Party?"
"There's some dissatisfaction within the party about Speaker Savitz's hardline stance, but with the presidential election coming up next year, they're sticking together and avoiding any internal dissent—for now."
Seok-won folded his arms and muttered,
"If the Republicans stay united, it'll only make it harder to untangle this mess."
Landon leaned forward slightly and added,
"That's why Wall Street is growing increasingly anxious about the possibility of a prolonged shutdown."
"Given the state of things in Washington, it's hard to be optimistic."
"Exactly."
With an air of certainty, Seok-won stated,
"If Congress reconvenes next week and there's still no progress on the budget, Wall Street's patience will run out. The market will collapse."
Landon agreed—uncertainty was already hanging over the market like a ticking time bomb. If things played out as Seok-won predicted, a crash was almost inevitable.
"Even if a crash sends the market plummeting, the fundamental energy driving it is still strong. It'll rebound quickly. That's why we need to be fully prepared to liquidate our positions and exit at the right moment when the drop happens."
"Understood."
Landon continued discussing a few remaining matters with Seok-won before finally leaving the penthouse.
Left alone, Seok-won tapped his fingers lightly on the sofa's armrest, lost in thought.
Then, taking out his phone, he scrolled through his contacts and pressed the call button.
Before long, the other end picked up.
[Hello.]
The slightly subdued voice of Trump came through the receiver, and Seok-won spoke.
"This is Park Seok-won. Do you have a moment to talk?"
[Ah, Mr. Park! I was just waiting for your call.]
Trump's voice brightened as he asked,
[So? Have you given my proposal some thought?]
"As you said, acquiring a New York landmark is a rare opportunity. If the price is right, I'm willing to proceed with the purchase of the Plaza Hotel."
[Hahaha! You've made the right choice.]
Trump burst into laughter, clearly relieved—most likely because he'd finally found a way out of his financial troubles.
But Seok-won's tone remained calm as he continued,
"However, I believe there's been a misunderstanding."
[What do you mean?]
"I understand that you've been discussing a price of $325 million with other potential buyers. But for some reason, you told me it was $400 million. That must have been a mistake, right?"
[...]
For a moment, Trump fell silent, like a child caught red-handed. Then, with an awkward chuckle, he spoke.
[Oh… Did I say that? Haha. Must've been a slip of the tongue. My apologies.]
His flimsy excuse was all too transparent. Holding his phone, Seok-won let out a silent smirk.
But there was no reason to sour relations over a few million dollars—especially not with someone who was likely to become the next U.S. president. So, he chose to overlook it.
"If you're willing to settle at $350 million, I'm prepared to acquire the Plaza Hotel. What do you say?"
That was $25 million more than what the British hotel chain and the Saudi prince had offered.
But now that Seok-won had expressed interest, greed flickered in Trump's voice.
[I paid $400 million for the hotel seven years ago. Selling it for less feels like letting it go for peanuts, don't you think?]
"If that's the case, then I suppose there's nothing more to discuss. Let's just consider this deal off the table."
Seok-won cut him off without a moment's hesitation.
Trump had been hoping for a classic back-and-forth negotiation, trying to nudge the price higher. But instead of haggling, his counterpart was walking away—clean and decisive.
Caught off guard, Trump panicked.
[W-Wait! I was just saying how I felt. Fine. It's a loss for me, but given the circumstances, I'll accept your offer.]
Just as Seok-won had expected. A small smile played on his lips as he responded in a relaxed tone.
"Good. Then let's meet in person to finalize the details."
[Haah… Alright, let's do that.]