Hotel Cos. Give Up Atlanta Days Inn Over $35M Default

Law360, New York (February 28, 2012, 1:14 PM EST) -- A Georgia hotel owner and nine related hospitality companies consented Monday to have North Carolina-based banking corporation Branch Banking & Trust Co. foreclose on an Atlanta Days Inn after the companies defaulted on $34.7 million worth of term notes.

Harish P. Pattni, eight of his hotel management companies and affiliate Spring Street Hospitality Group LLC owe PHG Downtown Lender LLC — the lender that subbed in last week for BB&T in the dispute — $32.6 million in principal and interest payments, U.S. District Judge Robert L....
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