Crowne Plaza Hotel in Times Square Files for Bankruptcy
The owners of the recently reopened Crowne Plaza Hotel in Times Square filed for Chapter 11 bankruptcy protection last week.
Source: broadwayworld.com
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Times Square Crowne Plaza Hotel Goes Bankrupt
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
Source: zerohedge.com
Argent Ventures Buying Mortgage On Vornado Times Square Hotel
Vornado’s Steven Roth and 1605 Broadway (Google Maps) In another sign of the toll the pandemic has taken on New York City’s hospitality sector, the $195 million mortgage on Vornado’s Times Square hotel is being sold at a major discount. Andrew Penson, the former owner of Grand Central Terminal, is buying the senior mortgage on the 795-room Crowne Plaza Times Square for about $90 million, sources familiar with the sale told The Real Deal. That’s roughly 50 percent off the face value of the loan that Deutsche Bank, Morgan Stanley and ICBC provided Vornado to refinance the property at 1...
Source: therealdeal.com