It’s not often that news of hotels getting themselves out of foreclosure can grace the computer screens of our blog readers, but brace yourself…we have good news!
The W Scottsdale hotel in Arizona has proudly announced a resolution to its ongoing battle between contractors and its lender HSH Nordbank AG. Lawsuits between the hotel’s developer, Triyar Cos., Nordbank and general contractor Hunt Construction Corp. were dropped and Triyar has paid off the hotel’s $82 million mortgage for an undisclosed amount.
Triyar CEO, Michael Mahoney, said that the “hotel is the first to successfully come out of the situation with the whole project restructured without the need for bankruptcy or foreclosure.” At a time when many hotels are in foreclosure and none seem to be making much positive progress, the W Scottsdale is certainly turning some envious heads.
While exact details of how the hotel managed to come out of foreclosure are uncertain, it is reported that the developer put together money and an outside investor also chipped in.
So if you’re in Arizona, now may be the best time to visit the W Scottsdale—happy developers, happy managers, happy staff…happy you! The hotel remains open and currently is offering multiple offers for its guests. One such offer is actually quite intriguing—when you stay two or three nights, the second or third night will be charged at a rate equal to your birth year. So, for example, if you were born in 1970, your first night would be the regular $269, but your second night is only $70. So have grandma check you in and then enjoy the beautiful hotel in its comfortable non-foreclosed status.