Restructuring of $83 million hotel loan

Represented the special servicer in the workout of a $83.5 million loan for a 707-room Crowne Plaza Hotel in New Orleans, LA, in connection with the sale of the hotel to a joint venture consisting of Loeb Partners and Deutsche Bank. At the time, the sale of the hotel was the largest local lodging facility to be sold since Hurricane Katrina. The project and resulting workout was challenged by operating and debt service shortfalls, failure to make needed capital improvements, unavailability of casualty insurance and defaults with the hotel franchisor. Represented special servicer in subsequent foreclosure and sale of property to this party.
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