Declining Ty Warner Hotels cash flow derails loan extension
With occupancies plummeting at four of his luxury hotels, Beanie Baby mogul Ty Warner is struggling to extend a $345 million securitized mortgage for the hotels. The properties are the New York Four Seasons, the Four Seasons Biltmore and the San Ysidro Ranch, both in Santa Barbara, Calif., and the Las Ventanas resort in Mexico's Baja California. The properties have failed to meet the $44.6 million annual cash flow needed to qualify for a one-year extension on the loan.
Wall Street Journal, The | 10/30
This story published in AH&LA SmartBrief on 10/30/2009
Field narrows as teams compete to build Palm Beach hotel
Thursday, September 10, 2009
Swiss suite tops list of world's most expensive hotel suites
Tuesday, August 25, 2009
New York to explain hotel tax for travel agents
Monday, August 31, 2009
|
AH&LA SmartBrief
Designed specifically for hotel and lodging executives like you, AH&LA SmartBrief is a FREE daily e-mail newsletter. It provides the latest need-to-know news and industry information that maximizes your time, giving you an edge over your competition. Learn more |
|