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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:


Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA  92102

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