(Crain’s) — A 412-room Westin hotel in northwest suburban Wheeling is in danger of defaulting on a $86-million loan taken out at the peak of the real estate market.
A senior loan on the three-year-old Westin Chicago North Shore recently was transferred to a so-called special servicer, signaling that the hotel’s owner is likely to miss loan payments. The Westin is just the latest on a growing list of local hotels drowning in debt as occupancies, room rates and property values have plunged over the past 18 months.
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