Wednesday, October 31, 2007

Hotel 71 is now Hotel 11

You knew it was coming, but I'm going to note it anyway: an entity controlled by Oaktree Capital Management LLC filed a Chapter 11 petition on Monday, staying the foreclosure of the hotel and setting the stage for a sale of the property. It will be interesting to see whether this gets nasty, particularly with all the subs that might get stiffed on the condotel conversion. I am seeing how this plays out in the context of a another, smaller bankruptcy which admittedly has some different circumstances.