Daily News Article
Written by Bob Howard in GlobeSt.com [November 10, 2010]
SAN DIEGO-Some $260 million of nearly $630 million in debt that encumbers the landmark Hotel del Coronado has been placed in special servicing as upscale and luxury hotels continue to suffer from the economic downturn. The placing of the debt with special servicer LNR Partners is not likely to lead to foreclosure, analysts say, but it raises a number of possibilities as the debt heads for a January maturity.
“I don’t think there’s a big likelihood of seeing this as a foreclosure,” says Alan Reay, founder and president of Irvine, CA-based Atlas Hospitality Group. However, Reay says that the $260 million that has been placed with the special servicer, which is CMBS debt, could be “in play” if LNR so chooses.
The hotel is owned by…
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Carmen has been a practicing commercial real estate broker since 2001. She is a graduate of the Louisiana State University (LSU) E.J. Ourso College of Business and the LSU Flores Masters of Business Administration (MBA) Program with a specialization in Entrepreneurship and Real Estate Finance. Her experience includes past employment as Regional Director of Leasing at Commercial Properties Realty Trust the for-profit arm of the Baton Rouge Area Foundation. Carmen’s affiliations include Louisiana REALTORS®, Greater Baton Rouge Association of REALTORS® Commercial Investment Division, International Council of Shopping Centers, Commercial Real Estate Women, Certified Commercial Investment Member Institute, National Association of REALTORS®, and Urban Land Institute. She is also an active volunteer on the board of directors for the Baton Rouge Gallery, LSU MBA Alumni Association, Junior Achievement of Baton Rouge, and the Junior League of Baton Rouge. Carmen currently serves as the 2010 President of the Louisiana CCIM Chapter.
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Growth Coalition; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).