NEW YORK CITY-The 192-room Time Hotel in the Theater District is headed to foreclosure auction.
Owner Hampshire Hotels and special servicer LNR Partners failed to reach an agreement on nearly $55 million in debt on the property at 224 West 49th St., according to the Real Deal. A foreclosure judgment on the ground lease of the hotel property was issued in July.
Jay Stein, CEO of Hampshire Hotels, says the company will bid on the celebrity hotel property at the Oct. 23 auction to be held at 60 Centre St. “We tried to negotiate with (LNR) but they have to do a public auction to ensure they're getting the most they can get (for the asset),” he said. See story in the Real Deal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
