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courtesy of the Reuben Brothers
Billionaire brothers David and Simon Reuben paid more than $800M for the debt on the iconic Plaza Hotel, the Dream hotel downtown and the Grosvenor House in London. The brothers gave embattled conglomerate Sahara Group a four-month extension, giving them the ability to renegotiate loan terms with a new lender or with third parties, The Real Deal reports. Sales for the Grosvenor House, which was seized by the Bank of China earlier this year, halted after the the Reubens' acquisition of the debt. However, JLL is still marketing the Dream hotel. Sahara has been trying to sell the hotels to raise $1.6B in bail money for founder Subrata Roy, who is in jail for allegedly failing to pay debts of roughly $6B to company bondholders. [TRD]
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