Tuesday, December 15, 2009

Default by Sunstone Hotels to affect several properties

Sunstone Hotels Investors Inc., which earlier this year grabbed headlines when it stopped making payments on its loan for the trendy W Hotel in San Diego, has now defaulted on a mortgage covering 11 additional properties, including three in central San Diego.

The decision by Sunstone is a reflection of the dire market conditions facing hotels, which are struggling to bring in revenue at a time when leisure and business travelers are sharply cutting back their spending.

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