Billionaire brothers David and Simon Reuben are reportedly foreclosing on the Plaza Hotel, with plans to hold an auction for the legendary property next month.
The Monaco-based Reubens paid $800 million for debt on three properties, which included the five-star hotel in Midtown, from Bank of China last year after the hotel’s current majority owner, Subrata Roy’s Sahara India Pariwar, defaulted. Sahara also owns the Dream Downtown in Chelsea and the Grosvenor House in London.
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The Plaza’s hotel rooms, its restaurants and retail space are for sale, sources told Bloomberg. The Dream Downtown hotel is also part of the package.
Both the Plaza and the Dream are collateral for the Bank of China loan and the combined mortgages is around $500 million, sources told Bloomberg.
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