NEW YORK CITY—Continuing its history of changing hands, the Plaza Hotel is set to go up for auction next month, according to Bloomberg Business.
The property's mortgage holders, billionaire brothers David and Simon Reuben, have scheduled a foreclosure auction for April 26, Bloomberg was told by a person with knowledge of the matter, who asked not to be named.
The Reubens purchased the loan from Bank of China Ltd. Following a default last year by the property's current majority owner, Sahara India Pariwar. Sahara is controlled by Subrata Roy, who was imprisoned in India in early 2014 for defrauding investors. The Plaza is operated by Fairmont Hotels & Resorts.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
