Sunstone Hotel Investors gets aggressive on mortgage
The hotel REIT Sunstone Hotel Investors said in its third-quarter earnings report that it had not made the loan payment due Nov. 1 for a mortgage secured by 11 of its hotels. The REIT took the action in an effort to persuade the lender, Massachusetts Mutual Life Insurance, to extend the maturity of the debt or cut the principal balance. The REIT's executives said the properties are now worth less than the loan balance.
Wall Street Journal, The
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This story published in AH&LA SmartBrief on 11/06/2009
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