By Free Republic | Created at 2024-09-27 18:56:49 | Updated at 2024-09-30 17:26:22
2 days ago
Westbrook’sFour Seasons San Francisco at Embarcadero faces foreclosure 155-room hotel heads to the auction block after $73M loan default
The Real Real ^ | Sep 25, 2024 | By TRD Staff
Posted on 09/27/2024 11:32:59 AM PDT by Vendome
Westbrook Partners is poised to lose the Four Seasons San Francisco at Embarcadero hotel at a foreclosure auction.
The auction comes six months after the Florida-based investor led by Paul Kazilionis defaulted on a $72.5 million loan tied to the 155-room luxury hotel at 222 Sansome Street, the San Francisco Chronicle reported.
Late last week, the landlord of the 345 California complex affiliated with Chicago-based Metropolis Investment Holdings, sued Westbrook for allegedly failing to pay nearly $400,000 in rent and fees. Westbrook declined to comment on the complaint.
The investment firm is still negotiating with its lender to try to settle its debt with an unidentified partner, according to stakeholders with knowledge of the talks.
The upcoming auction, however, suggests that Waterfall Asset Management is unwilling to extend the terms of the loan agreement
(Excerpt) Read more at therealdeal.com ...
TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: government; great; killed; times
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1 posted on 09/27/2024 11:32:59 AM PDT by Vendome
To: Vendome
Gavin Newsom can turn it into a luxurious homeless shelter. That’s just what the Embarcadero needs.
2 posted on 09/27/2024 11:37:18 AM PDT by ncfool (America has died we are living in the united socialist states of aMeriKa)
To: ncfool
Yes, make it a migrant shelter.
3 posted on 09/27/2024 11:45:30 AM PDT by FamiliarFace (I got my own way of livin' But everything gets done With a southern accent Where I come from. TPetty)
To: Vendome
At some point, these properties are going to look like a bargain, but no bank is going to want to lend a dime to anyone looking to buy. Big opportunities for PE though.
4 posted on 09/27/2024 11:47:51 AM PDT by absalom01 (You should do your duty in all things. You cannot do more, and you should never wish to do less.)
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