...Ty Warner has run into difficulty getting an extension on a $345 million securitized mortgage on four of his luxury hotels...

...four hotels have fallen short of the $44.6 million in annual cash flow...

In addition to the 368-room Four Seasons in Manhattan, the other hotels pledged as collateral for the mortgage are the 211-room Four Seasons Biltmore in Santa Barbara, Calif., the 38-room San Ysidro Ranch in Santa Barbara and the 38-room Las Ventanas resort in Mexico's Baja California.

...He paid $271 million for the New York Four Seasons in 1999 and spent $86 million renovating it...

Occupancy of the four hotels declined to 57.4% for the six months ended in June from 68.6% over the preceding six months, according to Realpoint. The hardest-hit resort of the four is the New York Four Seasons, which suffered a 20.4% decline in its revenue per available room to $635 in the 12 months that ended in June. In the same span, its occupancy declined to 58% from 72% and its cash flow declined to $14.7 million from $30.6 million...