We write about hotels when they enter foreclosure and its nice to see that some of them get out of it too. The
W Scottsdale hotel in Arizona has announced a resolution to its battle with contractors and with its lender HSH Nordbank AG. The hotel's developer, Los Angeles-based Triyar Cos., has paid off the hotel's $82 million mortgage for an undisclosed amount. Lawsuits between Triyar, Nordbank and general contractor Hunt Construction Corp. were dropped.
The Wall Street Journal reports that Triyar Chief Executive Michael Mahoney said that hotel is the first to "successfully come out of the situation with the whole project restructured without the need for bankruptcy or foreclosure." It's a pretty neat feat at a time when the number of hotels in foreclosure is reaching an unprecedented height. Details on how Triyar did it haven't been revealed but Mahoney said the developer put together money and an outside investor chipped in. The hotel remains open and has a variety of special offers available include an offer that when you stay two or three nights the second or third night will be charged at a rate equal to your birth year (for example, if you were born in 1970, your first night would be $269 but your second night is only $70).
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