:
US: The Time Hotel, a boutique property in NYC’s Theater District, is facing a foreclosure suit after the owners allegedly defaulted on a $55 million loan.
Specialist loan servicer LNR Partners has filed a suit alleging that the owners, Lichtenstein-based Marko Trust and New York-based Hampshire Hotels, failed to make a $619,000 interest payment in January of this year, and all payments since. The suit also asks for a court-appointed receiver.
Hampshire Hotels said that a forbearance agreement with LNR ran out several months ago. “We’re still trying to work with them to try and come up with a solution,” said Jay Stein, chief operating officer of Hampshire Hotels, which owns the ground lease at the 192-room property, which is described as one of New York’s top celebrity hotspots.
www.hampshirehotels.com
