Hotel developers scale back plans as they cope with tight credit

02/27/2009 | Commercial Property Executive

John Russell, chief executive of NYLO Hotels, says that despite a challenging credit environment, hotel development projects in the $10 million to $20 million range can get financed, although "many larger projects" are running into problems. He said NYLO initially expected to build 50 hotels through the end of next year but downsized its plans to 40.

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