Chicago Hotel's Junior Lender Owes Legal Fees: Judge

Law360, New York (January 3, 2012, 3:00 PM EST) -- A New York state judge ruled Tuesday that the holder of a $10 million junior loan tied to a Chicago hotel is liable for legal fees that the holder of a $69 million senior loan on the property has racked up.

The senior lender, an affiliate of DiamondRock Hospitality Co., alleged in its complaint that the guarantor for the junior loan, an affiliate of Petra Capital Management LLC called PS CDO Manager LLC, is liable for about $750,000 in legal costs and other expenses because the...
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