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The winning bid also calls for a new 435,000-square-foot retail and entertainment complex, a new 200-250 key, full-service hotel, nearly six acres of outdoor recreation space, up to 10,000 square feet of community space, as well as upgrades to the storied Belmont Park property.
Commercial owners usually have to complete repairs as quickly as possible, before the insurance claim is sorted out, but once the damage has been fixed, it becomes harder to prove the extent of the damage.
Included in the deal is a $315-million sale-leaseback to Gaming and Leisure Properties Inc., the landlord for Penn National and Pinnacle under their respective master lease agreements.
The Sheraton Los Angeles San Gabriel is scheduled to open at the beginning of the year, and will be a “home to the Chinese” travel market, according to the developer.
Although not all sectors saw improvements, November continued what has been the second-longest streak of downward movement in CMBS delinquencies overall in more than eight years.