X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The bankruptcy cases related to the W New York—Union Square have been settled, with LEM Mezzanine agreeing to sell the hotel property to a new venture in which its former owner is a minority member. Terms of the deal were not disclosed; an affiliate of LEM had bought the W this past fall in a foreclosure auction for $2 million and the assumption of $212 million in debt.

Led by Host Hotels & Resorts LP, the new venture will buy the 285-key hotel, the first mezzanine loan in favor of senior lender DekaBank Deutsche Girozentrale will be repaid and LEM will receive current and future payments on its original mezz loan. Istithmar World Capital, the Dubai World unit that bought the 20-story property in 2006 for $285 million but later defaulted on loans, is a minority member of the Host-led venture.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.