More hotels face default in 2012

02/20/2012 | HotelNewsNow.com

Hotel-receivership firms are noting an increase in business from distressed hotels as maturity dates for hotel loans secured from 2005 to 2007 loom. "Everyone borrowed too much money, and they're having trouble paying it back," said Steve Van, president and CEO of Prism Hotels & Resorts. Some branded properties are also having trouble implementing property-improvement plans and paying franchisor fees, facing both a default and loss of the franchise.

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