Dec
01

Westin Resort & Spa Owner May Default On Bank Loan

By

– The Island Packet

The owner of The Westin Resort & Spa, one of Hilton Head Island’s largest oceanfront hotels, is in danger of defaulting on a multi-million dollar loan it took out to finance improvements at the 412-room property and at another hotel in Arizona, according to Standard & Poor’s, the financial services and research firm.

If the hotel owner, TransWest Partners, is unable to make timely payments on the $209 million loan, no interruption in normal hotel operations or job losses are expected, according to officials with the hotel’s management company, New York-based Starwood Hotels and Resorts. TransWest is negotiating with the bank that made the loan, JPMorgan Chase, to try to work out more favorable terms, said Mark Spadoni, the hotel’s interim general manager.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.islandpacket.com/news/local/story/683288.html

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