Showing posts with label Debt. Show all posts
Showing posts with label Debt. Show all posts
Monday, June 8, 2009
Sunstone Hotel Investors has defaulted on its mortgage on the W Hotel (San Diego) and is prepared to surrender the hotel to its lender.
"While the Company’s elective default of the W San Diego mortgage was precipitated by a number of unique, market and hotel-specific factors, in the future other factors may lead the Company to pursue similar options with certain of its other mortgaged hotels. The Company believes such cases will be limited in number. For perspective, the average mortgage debt per room of the Company’s mortgaged hotels equates to approximately $129,500, approximately half that of the W San Diego."
