The Plaza Hotel will soon have yet another owner, as the billionaire brothers plan, David & Simon Reuben, have scheduled a foreclosure auction on April 26th.
The Midtown hotel has spent the last 30 years of its 109-year-history in financial turmoil, with relatively quick ownership turnaround, which will hopefully cease following this foreclosure.
According to Bloomberg News, the Plaza hotel will be sold as a package with the Dream Downtown Hotel in Chelsea, as the two served as collateral for a loan from the Bank of China.
Though the foreclosure auction was leaked to Bloomberg News by a person "with knowledge of the matter," the Reuben brothers have yet to comment on the foreclosure.
Prior to being owned by the Reubens, potential presidential cataclysm Donald Trump owned the hotel in 1988. He then sold it to an investment group which included a Saudi Prince.
From there, ownership was transferred to an Israeli firm, El Ad Group, who still owns a minority share after selling 75% of shares of the hotel to Sahara India Pariwar for $800 million in 2012.
Sahara India Pariwar defaulted on a mortgage loan from the Bank of China after its controller, Subrata Roy, was imprisoned for defrauding investors.
The Reubens then bought the loan from the Bank of China for the face value, $800 million.
So, if you've got a spare $800 million lying around, check out the foreclosure auction on April 26th.
If not, well, we can dream, right?
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