Crain’s) — The lender group on the Westin Chicago North Shore has filed to foreclose on the 412-room hotel in northwest suburban Wheeling, five months after the owner stopped making loan payments.
The Westin is straining under an $86-million loan taken out three years ago, when the hotel market was booming and lenders were still shoveling money out the door. But local occupancies and room rates have tumbled since then, and bad loans keep piling up.
Read More:
0 comments:
Post a Comment