Wall Street Journal

In the case of CIM, it is teaming up with developer HarryMacklowe to purchase the site of the old Drake Hotel in Midtown, at56th Street and Madison Avenue. Macklowe formerly owned the sitebefore lenders seized the site. Now CIM and Macklowe will paycreditors the $510 million loan the latter used to acquire thesite, the Journal says.

In the case of Blackstone, that firm is vying for control ofHighland Hospitality Group, a firm that owns 27 hotels, and ishaving trouble restructuring $1.7 billion in debt. Blackstone islooking to purchase a $320-million chunk of that from Wachovia,according to the Journal.

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