NEW YORK CITY-WestLB AG, a troubled German bank, is seeking a buyer for a portfolio of loans upheld by a collection of resorts and hotels in Manhattan, Miami and Utah. The loan portfolio contains the boutique Ace Hotel in lower Manhattan, Loews Hotel New Orleans, a 285-room resort in Miami, and a Cabo San Lucas resort and a spa in the Utah desert.
The portfolio contains 10 loans with a value of roughly $342 million. Jones Lang LaSalle is handling the sale. For the full story, go to Wall Street Journal .
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