In the latest installment of “Mezzanine Foreclosures in the Time of Coronavirus”, the Lender fired back at the Borrower’s injunction request, claiming that the Borrower had “squandered lifelines” thrown out to it over many months and that granting the stay would let the Borrower “benefit from a global crisis by evading the consequences of its … Continue Reading
Last week the New York Supreme Court answered an SOS from a borrower seeking a TRO to prevent a sale under the UCC in NYC that was scheduled to take place on May 1st. For more information on this alphabet soup, read our OnPoint about new potential pitfalls for mezzanine lenders seeking to foreclose during … Continue Reading
The spread of COVID-19 has created a new reality for the hospitality industry. As of March 25, the CDC reported 54,453 confirmed cases in the U.S., and the number is expected to grow exponentially. In the hopes of slashing infection rates, governments have implemented international travel bans, shelter-in-place orders and other restrictive measures. The second-most … Continue Reading
Last week IMN hosted an inaugural New Hotel and Development Conference in New York City. The gathering of developers, hotel operators, brands and other hospitality service providers was very upbeat. Many panelists indicated that they were more optimistic now than they had been six months ago. They credited the state of the macro economy and … Continue Reading
It seems fitting that Marriott’s upcoming acquisition of Starwood Hotels & Resorts (creating one of the largest hotel companies in the world) is anticipated to occur during the prime summer vacation season. The combined company will be comprised of more than 5,500 hotels and 30 brands. By way of comparison, Hilton is comprised of over … Continue Reading
