WASHINGTON, DC-Marshall Hotels & Resorts Inc., alocally-based hotel management and services company, has beenappointed the receiver for the Four Points by Sheraton Hotel &Suites Allentown Airport in Pennsylvania and the Holiday InnDanbury in Connecticut and as operator for the Holiday Inn BuffaloAmherst Hotel in New York, which is in receivership.
Such moves are increasing in the hotel industry, said CEO MikeMarshall in a prepared statement, as lenders are becoming moreaggressive in taking back struggling assets. Marshall was unable toreturn a call to GlobeSt.com in time for publication.
Lenders are indeed becoming more aggressive nationwide withunderwater hotels, bringing them back onto their balance sheets,Marc Magazine, principal of Humboldt Hospitality Advisors, tellsGlobeSt.com. “You can expect to see more of that in 2011 as lendersdecide they have pushed pretend and extend as far as they can.”Lenders will pace themselves, he predicts, not wanting to takethese losses all in one quarter.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
