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Relevant In Default On $13.2M Loan Tied To DTLA Hotel Project
Relevant hopes to have an extension in place soon.
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Relevant hopes to have an extension in place soon.
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The vote could rescind the city council's approval of the project.
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Soho Properties said it is close to securing a $170M loan that would provide a financial lifeline.
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LVMH says it will not give the hotel another go if the voters reject it.
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CGI Merchant Group, whose investors include Alex Rodriguez and Floyd Mayweather, reportedly overpaid when it bought the hotel from Trump for $375M in 2022.
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JMA Ventures and Mohari Hospitality plan to launch ground-up construction and redevelopment efforts across North America.
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The pension funds that own the chain believe it has seen its value double from €2B to €4B.
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The borrowers have asked for an extension on the $415M loan.
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The hotel dates back to the early 1900s and was most recently used a single-room occupancy hotel.
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Despite Apollo's Tifco portfolio failing to meet the investor's bid expectations, Dublin hotels should enjoy a strong 2024, DLA Piper said.
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