The terrorist bombing of the World Trade Center has taken an especially severe toll on hotel investors and operators. NorthStar Capital and Ian Schrager had been looking for about $450 million of financing to recapitalize their hotel portfolio.
The beating being taken by the airlines and tourism industries has prompted issuers to rethink the timing of at least two upcoming hotel securitizations from Lehman and BofA.
September 21, 2001 NEW YORK – Standard & Poor's has lowered its ratings on two classes of Asset Securitization Corp.'s $12.49 million 1997-MDVII to reflect the interest shortfall due to fees that were paid to the special servicer, Clarion Partners, ...
September 21, 2001 NEW YORK – Six Continents Hotels (NYSE:SXC) has reopened its Holiday Inn Wall Street District hotel in lower Manhattan.The hotel, at 15 Gold St., had been closed since Sept. 11 due to a loss of power resulting ...
September 21, 2001 RICHMOND, Va. – MeriStar Hospitality Corp. (NYSE:MHX) has sold the 280-key Richmond Hotel & Conference Center to an affiliate of Columbia Sussex Corp. for an undisclosed amount. Proceeds will be used to pay down existing debt.Comments? E-mail
September 21, 2001 IRVING, Texas – FelCor Lodging Trust (NYSE:FCH) and MeriStar Hospitality Corp. (NYSE:MHX) have agreed to terminate their merger, due to the effect on the financial markets from last week's terrorist attacks on New York City and the ...
September 20, 2001BETHESDA, Md. – LaSalle Hotel Properties (NYSE:LHO) said it will not meet its expected profit targets this year or next. The hotel REIT said that it, just like other firms in the lodging industry, is "experiencing a decline ...
The owner of the Waikiki Terrace Hotel on Oahu, Hawaii, is looking to refinance the 242-unit property. Kennedy-Wilson has been hired to arrange the debt.
September 19, 2001 BETHESDA, Md. – Host Marriott Corp. (NYSE:HMT) said that last week's terrorist attacks would affect its results for the coming quarter and for the year."Obviously, the tragic events of the past week coupled with the already weak ...
September 18, 2001 GREENWICH, Conn. – Equivest Finance Inc. (Nasdaq:EQUI) has received $37 million in financing from CapitalSource Finance LLC.The facility will be used to pay off outstanding debt, totaling $35 million, provided by CS First Boston LLC, which matured ...
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