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The Plaza Hotel Is Off the Auction Block (For Now)

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Has an outstanding debt of $800 million

The Plaza Hotel's scheduled auction next month has been canceled (for now), allowing the current mortgage holders to try to sell the property and repay the loan, Crain's reports.

Billionaire brothers David and Simon Reuben took over the five-star hotel's $800 million debt last summer after the majority owner, Sahara India Pariwar, defaulted on it.

A couple of weeks ago, the brothers decided they no longer wanted to deal with the mortgage and decided to put it on the auctioning block on April 26 this year. However the lender, Bank of China Ltd. has now given the brothers more time.

The sale would have included the hotel's rooms, restaurants, and retail space, along with the Dream Downtown Hotel.