Hotel owner Ashford Hospitality Trust Inc. is negotiating to revise the terms of its $101 million securitized mortgage on the 525-room Westin O'Hare hotel near Chicago's O'Hare International Airport.
Ashford, which owns 103 hotels, aims to strike a deal to keep the Westin O'Hare rather than forfeiting it to the special servicer overseeing the mortgage, Ashford executives say. But Ashford wants the payments it must make on the mortgage reduced because the hotel no longer generates enough cash flow on its own to cover them.
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