Troubled W Scottsdale Hotel now faces foreclosure
The bank that financed the new W Scottsdale Hotel and Residences has begun foreclosure proceedings, the latest in a string of legal and financial woes for the high-profile project. HSH Nordbank, a German lender, filed a notice of trustee's sale, the legal precursor to a forced sale of the 224-room property near Scottsdale Fashion Square. A public auction is scheduled for April 15, unless the matter is resolved before then or the auction is postponed. The bank lent W's developer, Triyar Hospitality Scottsdale LLC, $73 million, according to Maricopa County documents. The documents do not say how much Triyar owes or how far behind it is in payments.