All those who bought Beanie Babies in the hope that they would only go up in value might enjoy a bit of schadenfreude with the news that Ty Warner, who made a fortune on selling those plush toys, is facing a cash crunch of his own. The Wall Street Journal reports that Warner is struggling to get a extension on his $345 million securitized mortgage on four of his luxury hotels because of, what else, a lack of cash flow.

The servicer overseeing the mortgage handed it off to a special servicer, Capmark Financial Group. The four hotels haven't been able to generate the $44.6 million in annual cash flow necessary to qualify for a one-year extension of the loan according to debt-rating company Realpoint LLC. The four hotels are the Four Seasons in Manhattan, The Four Seasons Biltmore in Santa Barbara, the San Ysidro Ranch in Santa Barbara and Las Ventanas in Baja. Occupancy in the four hotels has declined around ten percent over the past six months.

Warner bought the hotels between 1999 and 2004 after amassing his Beanie-infused fortune. He now must struggle to reach a compromise with the special servicer to revise the mortgage and get an extension. This is something that may be in the best interest of the mortgage holder in a time when more and more hotels are facing difficulties. All the hotels remain open during the crisis. And you can still rent the Ty Warner suite, shown at right, in the New York Four Seasons for around $35,000 a night.

Could we be seeing another Southern California hotel in trouble? The LA Times is reporting that the Borrego Ranch Resort & Spa, which re-opened last November under the Borrego Ranch name after a major renovation, might be closing down. Officials at the Borrego Ranch Resort & Spa and Montesoro Golf & Social Club have told employees the hotel could shut down as early as November 30. There is still a chance that the project may find additional investors or new funding and stay afloat. The LA Times quotes Sasha Itzikman, senior vice president for Borrego Ranch who says the company is looking for investors but is also open to a full sale. The Borrego Springs area in San Diego County has tried to style itself as a resort community similar to Palm Springs.

For now the resort remains open. It has 44 rooms and 19 casitas. The casitas range in size from one to four bedrooms and most have a wood-burning fireplace and private pool or spa and all include a wet bar, compact refrigerator and microwave. The spa offers massage, skin care, hair care, manicures and pedicures. The resort has an impressive amount of activities to keep you busy from golf and tennis to fitness classes, hikes, swimming and bicycle and horseback riding. There is also life-size chess, shuffleboard, bocce ball, a putting green, an archery range and championship croquet courses. The resort is currently offering the Borrego Ranch Experience starting at $295 per person, per night (2 night minimum, double occupancy required) which includes accommodations, a spa treatment of golf and all meals (excluding room service or alcohol).

Could we be seeing another hotel in trouble? The WSJ's Developments blog says that The Shore Club in Miami Beach has gone delinquent on its $111.5 million securitized mortgage. The mortgage has a special server Cerberus Capital Management LP's LNR Partners Inc. which has reported that father and son developers Philip and Michael Pilevsky had withdrawn a threat to close the hotel after the mortgage server agreed to fund basic expenses including payroll from the mortgage's reserves. According to credit-research company Trepp LLC, the Shore Club's mortgage is 30 days delinquent this month. The hotel also owes another $11.5 million in separate debt besides the mortgage.

A renovation of the hotel is in progress and a spokesperson for Philip and Michael Pilevsky said there is a disagreement between the owner and the loan servicer about what the servicer is responsible for funding. The hotel went through a renovation in 2001 and was appraised for $176 million in 2005, when the owners mortgaged it at the peak of South Florida prices. That number might be a bit lower now. The Shore Club has 322 rooms and a spa but is more famous for its Nobu sushi restaurant, several night clubs and its enviable beachfront pool area. Tourism has been down in Florida overall and the hotel has seen occupancy fall this year. The hotel remains open and is currently offering a deal that includes overnight accommodations, priority seating at Skybar and a bottle of either Perrier Jouet Grand Brut or SKYY Vodka on arrival for $325.

Say farewell to another luxury resort. Leeward Resort Ltd. the owner of the Nikki Beach Resort & Spa in Turks and Caicos, has been placed into receivership. The resort, which offered 48 rooms and suites with luxury amenities, has been closed after being open less than tow years. The Nikki Beach brand remains afloat with resorts around the world including Miami, New York and Thailand. The British Caribbean Bank will manage the 430-acre resort and 110-slip mega-yacht marina and is hoping for a buyer. Since the Four Seasons Exuma was recently snapped up by Sandals there's reason to believe that their might be another hotel company willing to make a deal and pick up a resort which has been widely regarded as one of most exclusive in the Caribbean. Expansion plans for the resort had included condominiums, a spa, casino and new restaurants.