The legendary Plaza Hotel has been an epitome of New York City glamour for over a century and it will probably keep that title in years to come, but with one slight change – it will belong to a new owner. The iconic building located in the Midtown Manhattan will be hitting the auction block on April 26th and it’s expected to sell for $1.000.000.000!
Over its 109-year history this remarkable landmark has changed ownership several times - it belonged to everyone from Conrad Hilton to Donald Trump - and it was featured in many popular works of fiction, including the literary classic “The Great Gatsby”, Alfred Hitchcock’s thriller “North by Northwest”, and a series of children’s books “Eloise”.
The auction was triggered after the hotel’s majority owner Sahara India Pariwar defaulted on the $500.000.000 loan last year. This happened shortly after Subrata Roy, the company’s founder and chairman, went to prison in 2014 for defrauding investors. Billionaire brothers, David and Simon Reuben, who hold the mortgage for the five-star hotel, have debated the option of selling it for quite some time and finally decided to put it up for auction next month.
The insiders are predicting that the Plaza could go for $1.000.000.000 – the property is being sold in a package that includes 282 hotel rooms, restaurants and retail shops, along with the Dream Downtown hotel in Manhattan’s Chelsea neighbourhood. It will probably take multiple rounds of sealed biddings before the Plaza finds a new owner, but experts don’t expect any major change after that happens. The opulent hotel is a national historic landmark so it can’t be torn down, and after ownership changes hands New Yorkers and guests probably won’t even notice a difference.
If you’re dreaming of visiting the Big Apple and spending some time in the Plaza, you could afford it after winning a $90.000.000 Powerball prize – play now to grab it!