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Update - Westin Tucson & Hilton Head defaulting on mortgage

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skim118

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[Update - Good news - this default does not include the Westin Kierland Hotel - DeniseM Moderator]

According to today's Wall Street Journal, the mortgage-holders of the Westin Kierland Hotel are defaulting on their mortgage.

Starwood sold this hotel last year(good move) and kept the management contract for the hotel.

The Kierland Villas are obviously separate and should stay unaffected.

JP Morgan owns the mortgage and I have a feeling that down the road us taxpayers will be footing this bill also :mad:
 
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Gordo1111

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Yikes

Yikes....that can't be good...And this is one timeshare that I was actually in the hunt for. Now I may stop hunting!?
 
tomandrobin

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The timeshare and hotel are two separate resorts. If the hotel defaults, the timeshare resort is still going to be fine.
 
clsmit

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The article I saw in the WSJ said it was the owner of the Westins in Tuscon (not Scottsdale) and Hilton Head that defaulted, not Kierland. The owner of the Westin Kierland Resort is Host Hotels (www.hosthotels.com), and does not own either the Tuscon or Hilton Head property. If I read a different article can you post the quote you got from the WSJ that says it's Kierland that was defaulted on?
 
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skim118

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clsmit said:
The article I saw in the WSJ said it was the owner of the Westins in Tuscon (not Scottsdale) and Hilton Head that defaulted, not Kierland. The owner of the Westin Kierland Resort is Host Hotels (www.hosthotels.com), and does not own either the Tuscon or Hilton Head property. If I read a different article can you post the quote you got from the WSJ that says it's Kierland that was defaulted on?
Click to expand...

sorry I stand corrected; I read a Commercial Property newsletter that mentioned Westin Scottsdale was in default based on a WSJ report; I read the original WSJ article and like you mentioned only Westin Tucson & Hilton Head are in default.

The amazing thing is that is was a 70% LTV mortgage issued December 2007 and is already in default.

mods -- I am not sure how to correct the title
 
bizaro86

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The amazing thing is that is was a 70% LTV mortgage issued December 2007 and is already in default.
Click to expand...

Recession or no recession, that's called paying too much for something.

Michael
 
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