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5 things to know: 11 September 2012
Hotels News Now, 09/11/2012

Eagle Hospitality Properties Trust, owner of 13 upscale U.S. hotels including the Cincinnati Landmark Marriott, struck a deal with its debt holder to avoid foreclosure, according to a report in The Wall Street Journal. through markets like Boston, Chicago, Cincinnati and Denver, on the market and guarantees Blackstone at least some return on the debt. The companies did not disclose the discount.

Eagle and Blackstone Group agreed to a compromise to be announced Monday in which Eagle will market the 13 properties for sale. Blackstone will accept as payment an undisclosed sum that is less than the mortgage’s face amount but still more than what Blackstone paid to buy the loan earlier this year. Any proceeds in excess of Blackstone’s take will be divided among Eagle’s other creditors and equity holders.