Eagle Hospitality Avoids Foreclosure, Reaches Compromise With Blackstone

The Wall Street Journal reported this week that Eagle Hospitality Trust and Blackstone Group struck a deal to avoid foreclosure on 13 upscale U.S. hotels.  Eagle owns the 13 properties, which include the Cincinnati Landmark Marriott, and Blackstone holds the debt. Rather than proceed with foreclosure, Blackstone has agreed to accept an undisclosed amount as […]

3 Lessons for Foreclosing Lenders

In this article we will look at three lessons that can be learned from the existing case law in New York to prepare lenders for some of the defenses that borrowers may raise in foreclosure proceedings. 1. Wait for a payment default Whenever possible, lenders should wait to commence foreclosure proceedings until the borrower has […]