Hotel Online 
News for the Hospitality Executive




 
Credit Suisse and Other Lenders Take Ownership of Turtle Bay Resort from
 Former Owner Oaktree Capital Management LLC

Benchmark Hospitality Continues as Manager

The Honolulu AdvertiserMcClatchy-Tribune Regional News

February 23, 2010 --A consortium of lenders today assumed ownership of Turtle Bay Resort, resolving a more than two-year foreclosure case filed against former owner Oaktree Capital Management LLC by lender Credit Suisse.

The out-of-court settlement puts a group of roughly 20 lenders in control of the 880-acre resort with large-scale expansion plans opposed by many area residents.

Bob Boyle, vice president and regional operations director of Benchmark Hospitality, which manages Turtle Bay, said day-to-day operations are not expected to change, but the transaction gives the resort a clearer future.

"It just opens up the skies to move forward," he said. "This is a great day for Turtle Bay Resort and all of its employees."

Stanford Carr, a local developer who was overseeing operation of the resort under an agreement between Credit Suisse and Oaktree, will assume a similar role for the lender consortium as asset manager.

Oaktree retained no ownership stake, according to Boyle.

-----

To see more of The Honolulu Advertiser or to subscribe to the newspaper, go to http://www.honoluluadvertiser.com.

Copyright (c) 2010, The Honolulu Advertiser

Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. NYSE:CS,




To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch
Home | Welcome| Hospitality News | Classifieds| One-on-One |
Viewpoint Forum | Industry Resources | Press Releases
Please contact Hotel.Onlinewith your comments and suggestions.