Free Republic

New York's famous Plaza Hotel is set to go on sale in an auction next month and experts believe that the five-star hotel could sell for more than $1billion. Billionaire brothers David and Simon Reuben hold the mortgage for the storied five-star hotel and scheduled a foreclosure auction for April 26. The auction was prompted after the hotel's 75 per cent owner Sahara India Pariwar — whose chairman went to prison in 2014 for defrauding investors — defaulted on loan agreements... < snip > Foreign investors are pouring capital into New York hotels at a historic rate. Much of the...

Germany’s largest lender is set to shut over a quarter of its branches across the country as the company goes through a major restructuring process. The closures are set to take place over the next few months, with 188 of Deutsche Bank’s 723 branches nationwide due to close their doors. […] After recording colossal losses of around €7 billion in 2015, the Frankfurt lender is desperately seeking ways to cut costs. […] The bank said it hopes to redirect funds to digital banking, in which it hopes to invest €750 million by 2020. …