Filed under: Real Estate Developments
DekaBank Deutsche Girozentrale, which held a $60 million loan on the property, was planning to foreclose on the property on Wednesday. Crains reports that Hotels Union Square Mezz 1 reported debts of between $100 million and $501 million. A spokesperson for LEM said that the company is still working on restructuring the hotel's debt. The 20-story hotel, which opened in 2000 was bought by Istithmar in 2006 for $285 million.The hotel remains open for business and is currently offering a special of rates from $289 per night for arrivals Thursday - Saturday.