Downturn said to put New York W Hotel loan at risk of default
A $115 million loan backed by the W New York Union Square hotel in Manhattan is said to be at a moderate risk of default because of a weak financial performance amid the lodging downturn, according to credit rating firm Realpoint LLC. The borrowers of the loan are said to be up to date with their payments, however, and the value of the property remains higher than the debt.
Bloomberg | 10/30
This story published in AH&LA SmartBrief on 11/02/2009
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