The National Bank of Indus-try and Commerce Limited (NBIC) sold the Main Street Plaza Hotel at a public auction held on Tuesday to recoup part of a loan that the hotel owners defaulted on.

According to sources, King Solomon Enterprises bought the hotel by tender after out-bidding other potential buyers. The hotel, which is located on Main Street, has been closed for some time now.

In April of last year, NBIC had won a court judgement of $106 million against the hotel. The judgement came after the hotel failed to repay $105.9 million, part of the balance on a loan of $260 million, which had been advanced to Christopher Kissoon on behalf of the hotel.

On a visit to the hotel yesterday afternoon, Stabroek News observed that the gate and doors were still shut but that a meeting was about to take place between the old and new management.

Personnel from both the Kissoon Group of Companies and King Solomon Enterpris-es were reticent to speak on the buyout when Stabroek News questioned them in front of the hotel yesterday. The NBIC officer responsible for the auction was unavailable yesterday for a comment as to the price for which the hotel was sold.