Thursday, May 13, 2010

Banks Embrace ‘Extend and Pretend’ as U.S. Hotels Await Rebound

May 13 (Bloomberg) -- A year ago, Sam Nazarian was concerned bankers wouldn’t rework the mortgage on his SLS Hotel at Beverly Hills after the recession cut occupancy and the luxury property lost money.

“There was a point in time when getting a lender on the phone to talk restructuring was very challenging,” said the Los Angeles nightclub owner and hotelier, who has played himself on the HBO series “Entourage” and has a house next to actor Leonardo DiCaprio’s in the Hollywood Hills

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