Hotel Online 
News for the Hospitality Executive



 

Strategic Hotels and Resorts Granted Extension to Retire More than $600 million
of Debt on San Diego's Hotel del Coronado


By Lori Weisberg, The San Diego Union-Tribune
January 13, 2011

The owner of the Hotel del Coronado, which had been facing a January deadline to retire more than $600 million in debt, has received an extension until Feb. 9.

Strategic Hotels and Resorts, part of a joint venture that has owned the 757-room property since 2006, said the extension will allow all the affected parties time to continue negotiating a long-term restructuring. It cautioned, however, that the extension does not guarantee that the matter will be resolved.

A portion of the hotel’s debt — $260 million — had been moved into special servicing last year in an effort to negotiate a restructuring deal that would allow the ownership to extend the term of the loan. Typically, loans that are packaged as securities and then sold off to investors are transferred to a special servicer when the loan has either gone into default or is in imminent danger of doing so.

Photo by Nelvin C. Cepeda

Owners of the Hotel del Coronado hope a loan extension will forestall a default on their debt


For the rest of the story including detailed property information please visit:
http://www.signonsandiego.com/news/2011/jan/10/hotel-del-coronado-gets-loan-extension/


Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA  92102
619-293-2251
lori.weisberg@uniontrib.com


Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here  

To Learn More About Your News Being Published on Hotel-Online Inquire Here

Also See: Bankrupt 5th Avenue Partners LLC, Owners of the Sè San Diego Hotel Along with Adjacent Building Housing the House of Blues, Could be Put up for Sale; Estimates Claim Could go for $50 million, Significantly Less than the $150 million Development Cost /January 2011

San Diego County Hotels Looking to a Healthier New Year as RevPAR Rose by 4.2% and Occupancy 5.4% in 2010, Gains Expected to Continue / January 2011

Three San Diego Hotel Properties that Were Returned to Lender by Sunstone Hotel Investors Now Up for Sale / December 2010

San Diego Hotel Performance May Mirror the Rest of Nation Says Starwood Hotels and Resorts CEO Frits van Paasschen / October 2010

San Diego Leads California with Hotels in Distress; Numbers Surge 160% Over Same Period a Year Ago / October 2010

Questions Surround Why the City of San Diego Has Permitted the Swanky SE San Diego Hotel to Continue Operating Without a Valid Certificate of Occupancy / September 2010

San Diego's Manchester Grand Hyatt Deal with Sunstone Hotel Investors Goes Sour / September 2010

Skin Care Concierges Protect Hotel Sunbathers - The Newest in Amenities? / August 2010

Traveler Preferences are Changing: Upscale San Diego Hoteliers are Increasingly Becoming Pet Friendly Offering Pet Amenities From Surfing Lessons to Pet Psychic Sessions / August 2010

Former Owner of San Diego's W Hotel, Sunstone Hotel Investors, Wants to Acquire Manchester Grand Hyatt / August 2010

San Diego's Downtown W Hotel Now Owned by Lender / July 2010

During Downturn San Diego Hotel Owners Face a Delicate Balancing Act in Calculating When and How Much to Invest in Restorations / April 2010


To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch
Home | Welcome| Hospitality News
Industry Resources
Please contact Hotel.Onlinewith your comments and suggestions.