Troubled REIT Gets Blackstone's OK To Sell 13 Hotels

Law360, New York (September 11, 2012, 4:19 PM EDT) -- Troubled hotel investor Eagle Hospitality Properties Trust Inc. said Monday it had reached an agreement with its distressed debt investor, New York-based Blackstone Group LP, to sell 13 hotels and repay its debt at a discount, avoiding foreclosure and laying out a path to wind down the real estate investment trust.

The deal comes after Eagle, which is owned by private real estate investor Area Property Partners LP, was unable to meet a deadline Sunday on the $606 million in mortgages at the properties. It puts...
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