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UPDATE: Embassy Suites near DIA offered for sale
Denver Business Journal, 09/11/2012
By L. Wayne Hicks

The Embassy Suites Hotel Denver-International Airport is being offered for sale as part of a deal to avoid a mortgage foreclosure, its owner announced Monday evening.

Eagle Hospitality Properties Trust, of Purchase, N.Y., said it's selling 13 hotels after reaching an agreement with its secured lender. The proceeds from the sale will repay its secured debt at a discount.

The 174-room Denver hotel is at 7001 Yampa St., about six miles from Denver International Airport.

The Wall Street Journal reports that Eagle's selloff of hotel properties is part of a deal with debtholder Blackstone Group LP (NYSE: BX) to avoid foreclosure on its $606 million mortgage.

Blackstone bought Eagle's mortgage on its properties in May at a discount from a Federal Reserve-controlled entity overseeing assets of Bear Stearns Cos. Inc., which collapsed in the 2008 financial crisis.

Any sale proceeds beyond the unspecified discounted amount that Blackstone will get will be distributed among Eagle's other creditors and investors, the Journal said.

The properties to be sold include eight Embassy Suites hotels as well as a Hilton near Cincinnati and a Marriott in Chicago.

Eagle is owned by private equity firm AREA Property Partners of New York.