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Saturday, September 4, 2010
Hilton Pittsburgh in forclosure
The other shoe has dropped for the owner of the former Hilton Pittsburgh.
BlackRock Financial Management Inc. has begun a foreclosure action against Shubh Hotels Pittsburgh LLC, one day after the prominent Downtown hotel lost the Hilton name.
The New York-based lender filed the complaint Friday in Allegheny County Common Pleas Court against Shubh and CEO Atul Bisaria.
As part of the action, BlackRock is asking the court to order the sale of the hotel. It also is seeking a judgment for $49.6 million, plus interest, the amount of the mortgage to Shubh.
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BlackRock Financial Management Inc. has begun a foreclosure action against Shubh Hotels Pittsburgh LLC, one day after the prominent Downtown hotel lost the Hilton name.
The New York-based lender filed the complaint Friday in Allegheny County Common Pleas Court against Shubh and CEO Atul Bisaria.
As part of the action, BlackRock is asking the court to order the sale of the hotel. It also is seeking a judgment for $49.6 million, plus interest, the amount of the mortgage to Shubh.
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Sunstone’s Deal for Big San Diego Hotel Scuttled
All isn’t sunny in San Diego. Developer Doug “Papa Doug” Manchester’s deal to sell the Manchester Grand Hyatt convention center hotel in San Diego to Sunstone Hotel Investors Inc. is off.
“It happened again,” Papa Doug’s attorney, Michael Levinson, declared in an email sent recently to the San Diego Unified Port District, which owns the land under the Grand Hyatt. “Sunstone made material changes to terms overnight, and we informed them this a.m. that (the) deal is off.”
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“It happened again,” Papa Doug’s attorney, Michael Levinson, declared in an email sent recently to the San Diego Unified Port District, which owns the land under the Grand Hyatt. “Sunstone made material changes to terms overnight, and we informed them this a.m. that (the) deal is off.”
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Hotel revenue from phone calls, in-room movies drying up
The nation's hotel industry, already struggling to pull out of its worst slump in decades, is now suffering from another loss in revenue because of the booming popularity of cellphones and laptop computers.
In the past, hotel operators could expect to collect extra money by charging guests for in-room phone calls and on-demand movies.
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In the past, hotel operators could expect to collect extra money by charging guests for in-room phone calls and on-demand movies.
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LaSalle Acquires Three Hotels for $292.5M
LaSalle Hotel Properties has completed the acquisition of two hotels in Philadelphia and one in San Francisco, while selling off an asset in New Jersey.
The Bethesda, MD-based hospitality REIT acquired the 294-room Westin Philadelphia and the 288-room Embassy Suites Philadelphia-Center City from HEI Hotels & Resorts (HEI) for a total of $224 million. HEI will continue to operate the hotels on behalf of LaSalle.
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The Bethesda, MD-based hospitality REIT acquired the 294-room Westin Philadelphia and the 288-room Embassy Suites Philadelphia-Center City from HEI Hotels & Resorts (HEI) for a total of $224 million. HEI will continue to operate the hotels on behalf of LaSalle.
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