Hotel REIT Sunstone hands 11 properties back to lender

01/8/2010 | Wall Street Journal, The

Saying it wasn't able to negotiate workout financing with the lender, lodging REIT Sunstone Hotel Investors deeded 11 money-losing properties to mortgage holder Massachusetts Mutual Life. Late last year, the REIT stopped making payments on the $246 million mortgage. Sunstone said it had requested lower payments and other concessions but couldn't reach an agreement with the life insurance company.

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