Istithmar seeks measures against bankruptcy of W Hotel
April 3- A branch of Istithmar, the overseas investment arm of Dubai World, has asked the courts to intervene after last week's bankruptcy filing by the owners of the W Union Square Hotel. The unit, called Union Square Real Holding Corp, said that the bankrupt lender/hotel owner group threatened to file a voluntary bankruptcy petition for the W Hotel as well but do not have the authority to do so.
Hotels Union Square Mezz 1 filed for bankruptcy protection on March 23 in Wilmington, Delaware federal bankruptcy court. The company is an entity of LEM Mezzanine which is in turn a sister company to Lubert-Adler Real Estate Funds. The move stopped a foreclosure auction for the W Hotel located in the Union Square area of Manhattan that had been scheduled.
Istithmar bought the hotel in 2006 for $285 million. It lost control of the hotel in a December foreclosure auction to Hotels Union Square Mezz 1.
More Hotels News
New seaside resort in Qatar
Friday, 07 October 2016
Those of you planning a trip to Qatar may want to check out Qatar’s first leisure destination ...
Amaneesa restaurant reopens for the winter at the Ritz-Carlton, Dubai
Thursday, 06 October 2016
Amaseena, the outdoors restaurant at the Ritz-Carlton, Dubai, is reopening for the winter season ...
Family friendly Hotel Banana Island, Doha
Monday, 26 September 2016
Stay at the five star Banana Island Resort with your children. Only 10 minutes from Doha city ...
Immerse yourself in olives in Mallorca, Spain
Tuesday, 02 August 2016
If you are planning a trip to Mallorca visit the Sóller Valley which has a long history of ...
Ten spas to spoil yourself in
Sunday, 08 May 2016
Fancy a sand based exfoliation, or a rose steam bath, or a honey massage, or a zero gravity ...
Elaf Group's Makkah and Madinah hotels popular at ATM Dubai
Sunday, 01 May 2016
The Elaf Group of Saudi Arabia has revealed its successful participation at the recently ...
Start your Adventure
North & South America