(Crain’s) — A Los Angeles-based investment group is facing foreclosure on a portfolio of three boutique hotels in Lakeview that it bought just two years ago.
Affiliates of Reliance Capital Partners LLC defaulted on a $25-million loan secured by the City Suites Hotel, the Majestic Hotel and the Willows Hotel when they stopped making loan payments last November, according to the foreclosure lawsuit. The story is all too familiar in a recession that has depressed occupancies and room rates at hotels across the Chicago area, leaving many in arrears.
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