14. LIFE BELOW WATER

JW Marriott foreclosure auction could be a broader sign of distress for the downtown hospitality industry – Oil City Derrick

Written by Amanda

JW Marriott foreclosure auction could be a broader sign of distress for the downtown hospitality industry  Oil City Derrick

CHICAGO — Wells Fargo Bank took control of the 610-room JW Marriott Chicago hotel Friday morning with a winning bid of nearly $251 million during a foreclosure auction.

Orlando-based owner Estein USA hadn’t made a payment on the $203 million loan tied to the property at 151 West Adams St. since last summer, according to the Illinois Foreclosure Listing Service. The amount owed eventually grew to $243 million, and as trustee for investors in the loan, Wells Fargo filed a foreclosure lawsuit last year, and a sheriff’s sale was set for Friday. The bank was the sole bidder on the hotel, which remains open.

This page requires Javascript.

Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

Source: thederrick.com

About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai

Leave a Comment