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Not all is wine and roses in the suburban hotel sector. The owners of the Hilton Lisle Naperville were hit with a $37M lawsuit by the holder of a loan it took out on the asset a decade ago.
The US National Bank Association accuses Fireside West of Delaware of owing $36.7M on the $40.5M loan it took out in May 2006. The unpaid amount includes $35.8M in unpaid principal, plus interest and late fees, the Daily Herald reports. Adding insult to injury, the lender claims Fireside West stopped making payments in February. The loan was supposed to be repaid in full on June 1.
US National Bank is also asking a DuPage County judge to put the 305-key hotel, one of the largest hotels in the suburbs, for sale to satisfy the outstanding balance. Hotel management told the village of Lisle that business is strong. [DH]
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