LNR Partners and two other special servicers are jointly shopping more than $400 million of nonperforming hotel mortgages - the largest offering of distressed loans on a single property type since the market collapse.
LNR is supplying most of the roughly 60 securitized loans, with C-III Asset Management and J.E. Roberts Cos. kicking in the others.
A two-day online auction will start Nov. 1, run by a partnership between Jones Lang LaSalle and REDC. Bidders can make offers on individual loans. Unlike with sealed-bid auctions, offers will be posted live and seen by all participants, although the bidders' identities remain anonymous. Investors can then increase their bids, akin to public-outcry auctions.
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