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01-28-2013, 07:50 AM
  #1
lorwood
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Long Island Mariott

"Wang hotel's loan faces 'imminent default'"

http://www.newsday.com/business/wang...ault-1.4516253

Just to be clear the debt will in all probability be restructured so the Marriott and Wangs ownership of the hotel will in all likelihood continue.

I don't think it's far fetched to assume this was a factor in the move to Brooklyn

Lets all hope that Wang does not view the Marriott and the Islanders as tied to the hip and decide the best use of increased revenue from the team should be used to prop up other struggling ventures he is part of including his continued involvement in the HUB.

On the other hand maybe this is a factor in a decision to sell the team.

Which is fine by me.

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01-28-2013, 01:58 PM
  #2
Homeland Security
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Typical business move to force the loan holder to refinance or adjust payments. If you watched American Chopper, Paul Sr. did the same things with OCC, defaulted to work out better loan terms and payments.

Quote:
Originally Posted by lorwood View Post
"Wang hotel's loan faces 'imminent default'"

http://www.newsday.com/business/wang...ault-1.4516253

Just to be clear the debt will in all probability be restructured so the Marriott and Wangs ownership of the hotel will in all likelihood continue.

I don't think it's far fetched to assume this was a factor in the move to Brooklyn

Lets all hope that Wang does not view the Marriott and the Islanders as tied to the hip and decide the best use of increased revenue from the team should be used to prop up other struggling ventures he is part of including his continued involvement in the HUB.

On the other hand maybe this is a factor in a decision to sell the team.

Which is fine by me.

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Old
01-31-2013, 03:14 AM
  #3
Steve55
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Long Island Mariott

http://mobile.newsday.com/inf/infomo...ed:i=1.4516253

Updated: Jan 26, 2013 09:49 PM
By TED PHILLIPS


A $103.5 million loan taken by the Long Island Marriott and Conference Center in Uniondale has been turned over to a Texas -based company that services debt on distressed properties, according to a Fitch Ratings alert issued Friday, indicating that the loan is troubled and may be restructured.

The hotel's loan was transferred to C-III Asset Management, a "special servicer," because of "imminent default," the notice released Friday by Fitch said...
cash flow in the first half of 2012 was insufficient to cover the loan's debt service, according to the Bloomberg documents.

Net operating income at the hotel during the first half of last year was $1.8 million compared with $5.4 million during the whole of 2011, according to Bloomberg data.

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Old
01-31-2013, 12:40 PM
  #4
Steve55
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Quote:
Originally Posted by lorwood View Post
"Wang hotel's loan faces 'imminent default'"

http://www.newsday.com/business/wang...ault-1.4516253

Just to be clear the debt will in all probability be restructured so the Marriott and Wangs ownership of the hotel will in all likelihood continue.

I don't think it's far fetched to assume this was a factor in the move to Brooklyn

Lets all hope that Wang does not view the Marriott and the Islanders as tied to the hip and decide the best use of increased revenue from the team should be used to prop up other struggling ventures he is part of including his continued involvement in the HUB.

On the other hand maybe this is a factor in a decision to sell the team.

Which is fine by me.
I wouldn't be surprised if Monti buys the Long Island Mariott from Wang. He would need a hotel to complement his vision at Nassau Hub after the Isles leave.

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