Westin Book Cadillac underwater on $77 million loan as value plunges in pandemic
Westin Book Cadillac underwater on $77 million loan as value plunges in pandemic Hotel worth $74.6 million, is months behind on $77 million in CMBS debt Hospitality industry battered in COVID-19 pandemic; others also late on debts CoStar Group Inc. The Westin Book Cadillac in downtown Detroit is now worth less than it owes, according to Trepp LLC. In the latest sign of distress in the hotel market, the Westin Book Cadillac in downtown Detroit is now underwater on its commercial mortgage-backed securities debt totaling $77 million. Trepp LLC, which tracks CMBS debt, says that the 453-room hot...
Source: crainsdetroit.com