Judge OKs Foreclosure For NY Hotels Facing $300M In Debt

Law360, New York (January 25, 2012, 7:34 PM EST) -- A New York state judge has approved a request by a group of investors to foreclose on two New York boutique hotels encumbered with more than $300 million of unpaid debt, according to a counter-notice of settlement presented Tuesday.

New York State Supreme Court Judge Joan Madden awarded summary judgment for the foreclosure and sale of the midtown Manhattan properties, Hotel Alex and Flatotel, formerly owned by developer Alexico Group, on Jan. 11 with the stipulation that the settlement notice be presented within 20 days....
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