Law360, New York (June 1, 2012, 3:38 PM EDT) -- A New York state court judge has granted U.S. Bank NA's motion to appoint a receiver in the bank's $188 million loan default complaint against eight Embassy Suites hotels, denying the hotels' motion for judgment on the receivership issue.
Judge John J. Koeltl ruled Wednesday that U.S. Bank was entitled to a receiver for the hotel properties because the bank has indicated it will foreclose on and sell the hotels in the near future.
U.S. Bank sued the hotels in January over their failure to pay...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.