The Plaza Hotel set for foreclosure auction

- When one thinks of quintessential New York City glamour, often the Plaza Hotel comes to mind. Although a single room can go for thousands of dollars a night, the Plaza is now poised to hit the auction block on April 26.

The property's current majority owner, Sahara India Pariwar, defaulted on the $500 million loan last year. Sahara is controlled by Subrata Roy, a tycoon, who in 2014, was imprisoned in India for defrauding investors.

The 5-star hotel is now being sold in a package with the Dream Downtown hotel, a trendy property in Chelsea.

Situated at the corner of Fifth Avenue and Central Park South, the plaza has changed ownership over its 109-year history and appeared as the backdrop in several films. Donald Trump owned the Plaza in 1988 and then sold it.

The list of famous movies featuring the Plaza is a long one.

What will become of this New York icon though remains to be seen.

The Plaza is a national historic landmark so it can't be torn down by a new owner. In fact one expert I spoke to said more than likely after it is sold New Yorkers and guests will probably not even notice a difference.

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