re FSNY stay >
Originally Posted by
RichardInSF
It's difficult to go into detail without inviting heated discussion
I believe that the ownership fight involving this hotel (along with a few other FS hotels) could well be one possible cause. If so, it will eventually pass.
AFAIK no default (sometimes a negotiating tactic) or discussion of disputing mgmt contract.
...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...
more info, although different number for loan >
http://www.bloomberg.com/apps/news?p...d=a4PUoE8hQiCQ
S&P placed 15 classes of bonds backed by a $425 million loan to TY Warner Hotels & Resorts on “credit watch with negative implications” after net cash flow from the properties fell 46 percent below S&P’s expectations...The loan is scheduled to mature in January 2010 and has one 12-month extension option remaining.
Net cash flow for the properties S&P placed on watch was $29.4 million in the 12 months through this past June, Standard & Poor’s said in its note.
$29.4mm ($14.7mm @ FSNY + $14.7mm @ other 3 properties
)
instead of $44.6mm
any other recent stays at any of the properties?
http://online.wsj.com/article/SB1000...ions_lifestyle
The Four Seasons New York recently dropped rates over the week of Christmas and New Year's. The cheapest room those weeks is $795 this year, instead of $855 last year. And the hotel will for the first time ever allow guests to combine two packages—one that offers free nights and another that gives a hotel credit—over peak winter holiday weeks. From Dec. 18 to Jan. 18, guests can get a third night free with stays of two nights or more, as well as up to $400 in a hotel credit per night....