Thursday, March 17, 2016

New York City's famed Plaza Hotel will go up for auction April 26. Read on to find out why.

New York City's famous Plaza Hotel is set to go up for auction next month after recent back-and-forth over its ownership. Billionaire brothers David and Simon Reuben hold the mortgage on the five-star property and have scheduled a foreclosure auction for April 26, according to Bloomberg Business.

The brothers bought the loan from Bank of China Ltd. when current majority owner Sahara India Pariwar defaulted on it last year. This came after the Indian conglomerate's owner Subrata Roy was imprisoned in 2014 for defrauding investors, the article states.

The hotel has changed hands several times over its 109-year history. Donald Trump bought the Fifth Avenue property in 1988 and then sold it to a group that included Prince Alwaleed bin-Talal of Saudi Arabia, who then sold it to Israel's Elad Group. Today, Bin-Talal and hotelier Sant Singh Chatwal hold minority stakes in the entity.

This auction will not only include the sale of The Plaza's guest rooms, but also the restaurants and retail space, and all will be packaged with the Dream Downtown hotel. The combined mortgages for the New York properties total about $500 million, sources told Bloomberg.

New York City's famed Plaza Hotel will go up for auction April 26. Read on to find out why.

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