In the case of CIM, it is teaming up with developer Harry Macklowe to purchase the site of the old Drake Hotel in Midtown, at 56th Street and Madison Avenue. Macklowe formerly owned the site before lenders seized the site. Now CIM and Macklowe will pay creditors the $510 million loan the latter used to acquire the site, the Journal says.
In the case of Blackstone, that firm is vying for control of Highland Hospitality Group, a firm that owns 27 hotels, and is having trouble restructuring $1.7 billion in debt. Blackstone is looking to purchase a $320-million chunk of that from Wachovia, according to the Journal.
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