Main Street Plaza sold for $130M
Stabroek News
February 27, 2004
The Main Street Plaza Hotel fetched a price of $130 million of which buyer Stanford Solomon of King Solomon Enterprises paid 25% or $32.5 million, according to records at the High Court Registry.
The hotel, which has been closed for some months, was on Tuesday disposed of by the National Bank of Industry and Commerce (NBIC) by way of a public auction. The hotel, previously managed and owned by Christopher Kissoon, had defaulted on a balance of a loan of $260 million. This resulted in the bank securing a court judgement in the sum of $106 million.
Stabroek News understands that the new owner of the hotel has six months in which to pay the balance. A Registry source said the deal is sealed only when Solomon pays all of the money for the property.