Real Estate
Reuben Brothers Move to Seize Manhattan Luxury Hotel in Default
- Chatwal hotel in Midtown scheduled to go to auction in January
- Hyatt confirms hotel will continue operating as normal
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A lender run by the billionaire Reuben Brothers has filed to seize the Chatwal, a luxury hotel in Midtown Manhattan, after the debt went into default.
The property’s mezzanine debt, which was loaned by the Reuben Brothers’ Motcomb Estates, is scheduled for a Jan. 17 auction, positioning the winning bidder to take control of the 76-room hotel at 130 W 44th St., where weekend rates often top $1,000 a night.