‘Purgatory’ Grips $146 Billion of Distressed Commercial Property The pandemic helped push about $146 billion of commercial real estate into distress or serious risk of bankruptcy last year, according to Real Capital Analytics. Bloomberg | Feb 25, 2021
(Bloomberg) Good news about vaccines and rallying financial markets suggest the end of the coronavirus pandemic is in sight, but the worst may still be to come for commercial properties.
The coronavirus outbreak helped push about $146 billion of commercial real estate into distress, serious risk of bankruptcy or default at the end of last year, concentrated in hotels and retail, according to data compiled by Real Capital Analytics, a commercial real estate data firm.
Future of “Irreplaceable” Queen Mary in Question as Operator Faces Bankruptcy
Published 2 months ago
The future of the legendary
Queen Mary ocean liner is in question, as Eagle Hospitality Trust, the company that operates it as a tourist attraction, has filed for bankruptcy protection.
Permanently docked in Long Beach, California for over 50 years, the ship is a one-of-a-kind artifact, the sole preserved survivor of a time when grand ocean liners criss-crossed between America and Britain.
(Photo courtesy of Queen Mary Hotel)
With sleek lines and art deco decor, the 1,019.4 foot-long, 81,237 gross-ton
Queen Mary from the Cunard/White Star Line was built for both luxury and speed. She won the ‘Blue Riband’ awarded annually to the fastest ship to cross the Atlantic in 1936, the year she was launched.
EHT announces Chapter 11 filing; to start marketing process to sell some hotels businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
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More than two dozen hotels and other properties, including the Queen Mary, listed as entities under Singapore-based Eagle Hospitality Trust filed for bankruptcy on Monday in Delaware court with a total of more than $500 million debt, according to court records obtained by the Post.
The filing comes as Eagle Hospitality has seen major financial problems since it halted trading on Singapore Stock Exchange in 2019 following a notice of default on a $341 million loan from Bank of America.
The City of Long Beach, which owns the Queen Mary, in a statement on Tuesday said officials are “concerned with this development, as the company has a long-term obligation to ensure the upkeep and operation of the City’s asset.”