A Saudi royal family member is reportedly preparing a bid for the debt-ridden Manhattan hotel
The long, strange saga of the storied Plaza Hotel continues. After brothers David and Simon Reuben cancelled a foreclosure auction they had set up to sell off the iconic Manhattan hotel’s $800 million in debt, the New York Post reports that an unidentified Saudi royal family member is in talks to buy the property for $352 million.
The Reubens called off the foreclosure auction to give owners Sahara Group more time to sell the hotel and repay a loan. Sahara Group chairman Subrata Roy has been imprisoned in India for two years for, as the Post puts it, contempt of court in a case involving an alleged illegal sale of bonds. Roy’s bail is set at $1.6 billion (with a b.)
The anonymous Saudi royal family member also hopes to purchase London’s Grosvenor House for $882 million and Manhattan’s Dream Downtown Hotel for $235 million. A formal bid is being prepared by Knight Frank.
- Could a sale for the Plaza Hotel finally be in the works? [NYP h/t TRD]
- Beleaguered Plaza Hotel May Be Heading to the Auction Block [Curbed]