NYC Hotel Market: Hotels Defaulting?
GlobeSt.com recently published some quotes from a seminar they held in early June on the hospitality market. The outlook voiced was sobering to say the least. Richard Warnick of the eponymous Warnick + Co., a hospitality advisory company, said "Up until this point in time, most of the defaults have been technical defaults. We're now moving rapidly into significant monetary defaults on loans. The question is whether lenders take those properties back or try to work with borrowers."