Southern Arizona’s largest resort, the 575-room J.W. Marriott Starr Pass Resort, is delinquent on $165 million in mortgage payments. To avoid a foreclosure, owner Signature Properties International is trying to work out a loan modification with lenders, according to Realpoint, a national credit-rating company.
Realpoint reports Signature Properties’ first attempt to modify its mortgages was rejected. Neither was the company able to find new financing to replace the maturing loans.
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