Three foreclosed San Diego hotels up for sale

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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.

[briansd1]

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.

[briansd1]

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.

[briansd1]

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.

[briansd1]

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.

[briansd1]

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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