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Oct-02, 2012
Appeals Court Reverses W Hotel Bankruptcy
Boston Business Journal
A federal appeals panel has reversed a ruling that had determined how much money the W Boston Hotel and Residences would give to its largest creditor, sending the case back to bankruptcy court.
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Oct-02, 2012
Convention Authority Buys Hotel Land
The Boston Globe
The state’s convention center authority has completed the purchase of 5.6 acres of land across from the Boston Convention & Exhibition Center for the development of two mid-priced hotels and parking, the authority said Monday.
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Sep-10, 2012
GIC Bid for Paulson Resorts Moves to Auction
Bloomberg
Government of Singapore Investment Corp.'s $1.5 billion offer for resorts owned by hedge fund Paulson & Co. will move forward to an auction where GIC will lead the bidding.
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Sep-10, 2012
Eagle Hospitality, Blackstone Reach Compromise: Sell Instead of Foreclose
The Wall Street Journal
Eagle and Blackstone Group agreed to a compromise to be announced Monday in which Eagle will market the 13 properties for sale. Blackstone will accept as payment an undisclosed sum that is less than the mortgage’s face amount but still more than what Blackstone paid to buy the loan earlier this year. Any proceeds in excess of Blackstone’s take will be divided among Eagle’s other creditors and equity holders.
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Sep-09, 2012
New York Marriott East Side on the Block
The Wall Street Journal
Seven years after buying the New York Marriott East Side and then plowing roughly $26 million into renovating it, Prime Property Fund wants to sell the Midtown hotel for up to $350 million.
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Sep-05, 2012
Foreclosure of Sheraton North Charleston Finalized
The Post and Courier, Charleston
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 million out of the roughly $24.1 million the company is owed from the delinquent mortgage on the Sheraton Charleston Airport Hotel.
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Sep-06, 2012
Visas-for-Dollars Program a Boon to Hotel Developers
The New York Times
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 card.
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Sep-05, 2012
Blackstone Plots Exit From Properties as New Fund Invests
Bloomberg
Jonathan Gray, the 42-year-old head of Blackstone Real Estate, has amassed $50 billion in assets and built his division into the company’s biggest profit generator. Now he and his team confront the twin challenges of producing superior returns on their new $13.3 billion fund, a record for the property industry, while finding buyers for more than 40 previous investments.
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Aug-30, 2012
Goldman Sachs and Gramercy Capital in Deal to Buy LVH Hotel-Casino
The Las Vegas Sun
The operator of the LVH hotel-casino in Las Vegas today said its chief creditor and a partner intend to buy it out of foreclosure in November and then continue operations.
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Aug-25, 2012
Ameriprise to Buy Hotel Ivy
Minneapolis Star Tribune
Ameriprise Financial Inc. is buying the luxury Hotel Ivy and restaurant in a deal that could bring some financial stability to the downtown Minneapolis hotel after years of lawsuits and financial strains.