(Crain’s) — The owner of the Hotel Burnham in the Loop has stopped making interest payments on a $36-million loan, joining a growing list of local hotels that have run into loan trouble.
The drop-off in business and leisure travel this year has sent occupancies and room rates plunging at Chicago-area hotels, leaving many with little cash flow to cover loan payments.
The victims now include the Burnham, a historic 122-room hotel at 1 W. Washington St. owned by a joint venture between Chicago developers Dan McCaffery and E. Barry Mansur.
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http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=35178
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