Red Roof Defaults On $361 Million Commercial Loans | Reuters.com
Red Roof Inns Inc, the discount hotel chain with nearly 350 properties, became the latest in the downtrodden hospitality industry to default on debt made during the credit-driven real estate boom, the company confirmed on Tuesday. Four Red Roof Inns loans totaling $361.4 million were 30 days delinquent in June, and have or will be handed over to a special servicer, which deals with troubled loans, said Frank Innaurato, a managing director at Realpoint, a credit rating company. The loans are secured by 131 locations, he said.
