A special servicer assigned to manage some $63.7 million in debt backing a portfolio of nine Fairfield Inn by Marriotts — including three properties in Massachusetts — appears to be readying for more drastic action following months of cash-flow problems.
In July, The Roundup first reported that Och-Ziff Real Estate, the New York investment firm that acquired the hotels in 2007, had acknowledged in writing that it was unable to pay its $200,000-plus in monthly debt service after having tapped roughly a $1 million in cash reserves to support the properties. C-III Asset Management, one of the servicers overseeing the properties’ loans, said at the time that is was “preparing to engage counsel and has begun the process of ordering third party reports” in light of the hotel portfolio’s problems.
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