Bloomberg News

Crowne Plaza Times Square Loan Sent to Servicer, Fitch Reports

November 24, 2011

Nov. 23 (Bloomberg) -- A $151.8 million loan backed by the Crowne Plaza Times Square hotel in Manhattan was sent to a special servicer today because of imminent maturity default, according to Fitch Ratings.

The master servicer is Midland Loan Services and the special servicer is CT Investment Management Co., the debt- rating company said today. The loan, sponsored by the City Investment Fund LP, had an initial maturity date of Dec. 9, 2009, with two one-year extension options, both already exercised, Fitch said in a June report.

The 770-room hotel, built in 1989, has office and retail space and underground parking, according to the report. A $72 million renovation was completed in 2008, Fitch said.

A City Investment Fund representative declined to comment or provide his name.

--Editors: Daniel Taub, Christine Maurus

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


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