Chicago Hotel's Owner Faces $125M Loan Default, Fitch Says

Law360, New York (March 14, 2012, 6:56 PM EDT) -- New York real estate company Denihan Hospitality Group faces a near-certain default next month on more than $125 million in loans on the James Hotel in downtown Chicago, according to a report Tuesday by Fitch Inc.

The credit rating agency said Denihan is facing an imminent maturity default on a $55 million senior loan, which was recently moved into special servicing, and a $70 million junior loan, both of which mature April 9.

Though Denihan is expected to be able to raise close to half the...
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