Time Hotel's Alleged $55M Default Prompts Foreclosure Suit

Law360, New York (July 19, 2012, 8:20 PM EDT) -- The Time Hotel, a New York theater district venture favored by celebrities, has allegedly defaulted on $55 million in loans held by Bank of America Corp., according to a state court suit in which a special loan servicer asked to foreclose on the property.

Since missing a $619,511.44 monthly payment in January, the boutique hotel has failed to make any other payments, according to the complaint, filed July 13. Consulate Hotel Associates LLC, a shell company for hotelier and owner Vikram Chatwal, borrowed the money, while...
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