Developer eyes new site for Moore County outlet shopping center
By Todd Leskanic Staff writer Article from Fayobserver.com SOUTHERN PINES – A California developer has picked a different site, near U.S. 1 and Midland Road, for a proposed retail outlet center with hotels and a golf course. Bob Sonnenblick of Sonnenblick Development said he is no longer interested in a 114-acre property on Morganton Road […]
Feeding frenzy coming as banks dump distressed hotel loans
Europe’s banks are going to be forced into selling more distressed property loans in the coming year as borrowers default, a major Bloomberg real estate summit in New York was told this week. “There’s going to be a feeding frenzy soon” for European loans, said Robert Blumenthal, a managing director at Deutsche Bank Securities Inc. […]
Huge increase in hotel foreclosures expected in 2012
Developer are increasingly talking about how the U.S. hotel world will see a “huge increase’” in foreclosures in 2012 as debts come due and financing remains hard to come by, Bloomberg reports. A foreclosed hotel is one in which the owner is unable to make mortgage payments. The lack of money means greater odds that […]
Debt maturities loom over hotels in 2012
05 January 2012 By Shawn A. Turner Finance Editor Shawn@HotelNewsNow.com REPORT FROM THE U.S.—There’s a big bill coming due for the hotel sector in 2012. Billions of dollars of debt (comprised of commercial, mortgage-backed securities, credit facilities, bank and finance company loans and others) matures this year, much of it written during frothier days when […]