Loan Workouts: What Hotel Owners Need To Know

Law360, New York (October 28, 2010, 11:47 AM EDT) -- For many hotel owners, it is an all-too-familiar story: Occupancy is down, and even though operating expenses have been cut to the bone, there is just not enough money to go around. It seems there is always another bill: franchise fees, payroll, real property taxes, debt service — the list goes on.

The unfortunate result is that either because of a failure to make a payment or a breach of some other covenant, the owner finds itself looking at a default notice from its lender. When...
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