Hotel Delmonico sold to trump for $115 million.

Despite being outbid by three others, Donald Trump was selected last week as the buyer for the Hotel Delmonico, according to published reports.

Trump, whose $115 million bid was several million dollars lower than three others, will be the next owner of the 32-story hotel at the northwest corner of Park Avenue and 59th Street. The other bidders were Alan Friedberg; by Rosen and Michael Fuchs; and Izak Senbahar and Simon Elias.

Trump was selected to buy the hotel from the estate of real estate investor Sarah Korein in part because he is willing to risk money before he takes title to the hotel, a sign that he will close quickly on the deal. Trump said he is planning to close the deal in 120 days, according to the New York Times.

Trump's relationship with Korein, who died three years ago, reportedly was also a factor in the negotiations. Korein's daughter Elysabeth Kleinhans has been running the hotel for more than a decade, according to published reports.

Kleinhans owns a small building adjacent to the hotel that she is planning to turn into a theater complex once the lease expires for Kaplan Deli, which is currently located in the building.

Friedberg, who reportedly bid $118 million for the hotel, said he was disappointed.

Trump said he will not renovate the hotel immediately but will continue to operate it as a hotel with about a dozen rent protected tenants. Trump also owns the Trump International Hotel & Tower at 60th Street and Central Park West.

With the purchase, Trump will add another high-profile property to his portfolio. Built shortly before the Great Depression, the hotel's grand opening took place in 1929 and featured an eight-course menu. Only 28 days later, the stock market crashed.

In the rough years that followed, the hotel changed hands several times. In 1935 the Nielmo Realty Corporation of its original cost. Worried about the bought it for $1.8 million, less than half prospect of new skyscrapers obstructing the Delmonico's light, Nielmo took out 21-year leases on several adjacent addresses on 59th Street. His leases ran out years ago, but the light remains good.

The hotel still managed to lure high society types willing to spend a lot for a room. In fact, a 15-room suite that constituted the top three floors of the hotel rented for $45,000 a year in 1929 - it was the highest priced apartment m the world then.

The hotel was bought in 1943 by David Phillips, the owner of the Stanhope and the Roger Williams, for $4 million. That was still $1 million short of the original cost.

Korein bought the hotel in 1990 who converted it into an all-suite hotel after an $11 million renovation. renovation alone exceeded the original cost of the hotel, which was a first for the 60-year-old hotel.