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Hotel sector suffers from distress

Highgate has acquired 197 hotels from Colony Capital in exchange for $67.5 million and the assumption of $2.7 billion in debt. The hotels consist of 22,676 rooms, and span several states, including California, New York, Texas, and Nevada, CO reported.

  • In related news… Korean lender Shinhan Investment Corp. has put the $60 mezzanine loan on the PUBLIC hotel up for sale. Deutsche Bank is the senior lender in the deal. Ian Schrager and Witkoff own the hotel, which is still closed due to Covid-19. The 28-story, 254,700-square-foot asset contains 367 hotel rooms and 11 residential condos at the top of the building.
  • Hotels face distressHerald Hotel Associates, which operates a boutique hotel at 49 West 32 Street in Koreatown, has filed for Chapter 11 bankruptcy protection. [CO+CO2+TRD]

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