(Crain’s) — The owner of the Westin O’Hare is in danger of defaulting on a $101-million loan because of falling occupancy levels and room rates at the 525-room hotel, according to a recent report.
The hotel is no longer generating enough cash flow to cover its monthly interest payments, and its owner, Dallas-based Ashford Hospitality Trust Inc., “is asking for debt service relief during the downturn,” according to the report by a so-called special servicer overseeing the loan. The loan is in a danger of “imminent default,” the report says.
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