Receiver Gets 22 Hotels Over $240M Wilmington Loan Default

Law360 (November 13, 2020, 5:43 PM EST) -- A Philadelphia-based receiver has taken over a group of 22 hotels in multiple states at the request of a Delaware-based lender, after the hotels defaulted on a $240 million loan and were unable to pay bills or maintain their properties, according to a complaint cross-filed Friday in a Florida federal court.

Wilmington Trust NA said the group of 22 limited liability companies, each owning a different hotel but all run from the same office suite in Chevy Chase, Maryland, had fallen months behind on their payments for the 2017 loan, were reporting trouble covering maintenance, paying staff and paying the ground...

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