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  • December 2, 2010 at 10:38 AM #18246
    jpinpb
    Participant

    Three foreclosed San Diego hotels up for sale

    Highlights:

    The three local hotels — the Courtyard by Marriott San Diego and Holiday Inn Express San Diego, both in Old Town, and the Holiday Inn in downtown

    San Diego — account for a little more than 500 rooms out of the 1,245 being marketed for sale.

    The properties were returned to the lender after the owner, Sunstone Hotel Investors Inc., decided last year to default on a $246 million loan covering nearly a dozen hotels that it concluded were worth significantly less than the debt owed.

    Sunstone also formerly owned the W hotel in downtown San Diego, which it purchased four years ago for $96 million. It walked away from the trendy hotel after deciding it was worth much less than the nearly $85 million owed.

    December 2, 2010 at 1:52 PM #634875
    briansd1
    Guest

    Do you think that Sunstone shareholders/partners digged into their own personal savings to make the mortgage payments? Of course not.

    The cash-flows from the properties were insufficient to make the loans payments, so they walked away.

    December 2, 2010 at 1:52 PM #634954
    briansd1
    Guest

    Do you think that Sunstone shareholders/partners digged into their own personal savings to make the mortgage payments? Of course not.

    The cash-flows from the properties were insufficient to make the loans payments, so they walked away.

    December 2, 2010 at 1:52 PM #635526
    briansd1
    Guest

    Do you think that Sunstone shareholders/partners digged into their own personal savings to make the mortgage payments? Of course not.

    The cash-flows from the properties were insufficient to make the loans payments, so they walked away.

    December 2, 2010 at 1:52 PM #635655
    briansd1
    Guest

    Do you think that Sunstone shareholders/partners digged into their own personal savings to make the mortgage payments? Of course not.

    The cash-flows from the properties were insufficient to make the loans payments, so they walked away.

    December 2, 2010 at 1:52 PM #635974
    briansd1
    Guest

    Do you think that Sunstone shareholders/partners digged into their own personal savings to make the mortgage payments? Of course not.

    The cash-flows from the properties were insufficient to make the loans payments, so they walked away.

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