Last week, a foreclosure notice was filed for one of the most high-profile hotels in D.C.: The Waldorf Astoria at the Old Post Office building, formerly the Trump International Hotel.
The property`s leaseholder, CGI Merchant Group, defaulted on its $285M loan in February, and a foreclosure auction is now scheduled for next month.
The situation could be an early sign of distress barreling toward the hospitality sector locally and nationwide, panelists said Thursday at Bisnow’s Mid-Atlantic Hospitality Summit, held at the Washington Marriott Capitol Hill.
"That`s not going to be the [last] deal that we are talking about and are familiar with that is heading to either auction or taken back by the lender in this market over the next couple of months," said Excel Group principal Matt Wexler, previously a managing partner at D.C. hotel developer Foxhall Partners...
The situation could be an early sign of distress barreling toward the hospitality sector locally and nationwide, panelists said Thursday at Bisnow’s Mid-Atlantic Hospitality Summit, held at the Washington Marriott Capitol Hill.
"That`s not going to be the [last] deal that we are talking about and are familiar with that is heading to either auction or taken back by the lender in this market over the next couple of months," said Excel Group principal Matt Wexler, previously a managing partner at D.C. hotel developer Foxhall Partners...
RSK: Stressed not distressed at the moment.
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- - Volume: 24 - WEEK: 23 Date: 6/4/2024 2:32:07 PM -