DekaBank Deutsche Girozentrale , a senior lender holding a $60 million loan on the property, had planned to foreclose on Wednesday at the offices of the law firm Sonnenschein Nath & Rosenthal LLP.
Plans for the auction were derailed after Hotels Union Square Mezz 1 LLC, the hotel's owner, filed for protection from creditors on Tuesday afternoon with the federal bankruptcy court in Wilmington, Delaware, according to Savills, an adviser to DekaBank.
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