When Marriott International wanted to open a new hotel in downtown Seattle, the company’s developers didn’t sell bonds, take out a mortgage or tap other traditional forms of financing for the $88 million project. Instead, it raised the bulk of the money from wealthy immigrants who wanted a green ca…
Visas-for-Dollars Program a Boon to Hotel Developers
Posted November 15, 2012
Foreclosure of Sheraton Hotel near airport finalized
Posted September 27, 2012
The Sheraton in North Charleston was built in 1982 as a Marriott.
The foreclosure of one of the largest full-service hotels in the Charleston region was finalized Tuesday, setting up a possible sale of the lodging.
At a court auction, a representative for U.S. Bank National Association bid $7 …
Hotel Foreclosures an Oncoming ‘Train Wreck’
Posted November 22, 2011
By Eric Stoessel, Lodging Hospitality Managing Editor
Q&A with Steve Van, CEO of Prism Hotels & Resorts
Steve Van hates being the pessimist, but he can’t help it. The CEO of Prism Hotels & Resorts says comparing the last two years of hotel distress to what’s coming is like comparing “a car wreck …
Crowne Plaza hotel in Harrisburg will overcome foreclosure dispute, manager says
Posted October 18, 2011
The Crowne Plaza Hotel in Harrisburg will stay open as its owners work on a refinan
cing to resolve a mortgage foreclosure complaint, the hotel’s general manager said in a statement today.
The 10-story hotel at 23 S. Market St., a centerpiece of the downtown, was hit with a $12.7 million foreclosur…
Wealthy N.J. estate owner no longer immune to recession
Posted October 11, 2011
The property of a wealthy homeowner who considered himself immune to the economic crisis is now facing foreclosure, the Wall Street Journal reported. Private equity investor Paul Parmar had declared in April 2008 that the downturn "didn't affect him at all on a spending level." But now his 32-acre …
Sagamore Hotel owners file for Ch. 11 bankruptcy
Posted October 8, 2011
The owners of the Sagamore Hotel in Miami Beach have filed for Chapter 11 bankruptcy, the Wall Street Journal reported, even though say the hotel is profitable. 
The owners, Sagamore Partners Ltd., filed for bankruptcy to protect the property from a foreclosure suit filed by special servicer LNR Part…
ALB Hotels LLC launching hotel hospitality investment fund
Posted October 8, 2011
As a strategy to help grow the company’s hotel property portfolio, Richmond based ALB Hotels LLC is preparing to launch a hotel hospitality investment fund.
Tony Balthrop, president and CEO of ALB Hotels, said he expects the fund prospectus will be available for potential investors in the firs…
Mysterious hotel foreclosure auction
Posted September 27, 2011
Mysterious hotel foreclosure auction
Sometimes there are some odd things in the housing market, but this one tops all of them.
The September 12 New York Times carried an advertisement for a foreclosure auction of a hotel. The hotel schedule for foreclosure auction was the Courtyard by Marriott Hotel…
San Diego hotel foreclosures on the rise
Posted September 22, 2011
San Diego hotel foreclosures on the rise
/ UT file photo
The W hotel in downtown San Diego fell into foreclosure in 2010 and has recently been marketed for sale.
Hotels Lure Investors as Lodging Surpasses U.S. Offices, Retail
Posted September 22, 2011