Those greedy sharia financier’s. No profit, no zakat. Next default Miami, then Vegas?
NEW YORK AP – Dubai World’s investment arm, Istithmar, lost ownership of the W Union Square New York hotel in a foreclosure auction Tuesday. One of the hotel's interim lenders, a private equity firm called LEM Mezzanine, acquired the 270-room hotel for $2 million, according to Dow Jones. The sale was another financial blow to Istithmar, which acquired the hotel in October 2006 for $285 million, according to Real Capital Analytics, a data tracking firm.Calls to Dubai World and LEM Mezzanine were not immediately returned. LEM said in a statement it plans to continue to operate the hotel and hopes to “take full advantage of any market recovery.”
The W was not the only Dubai World hotel in trouble. The Fontainebleau in Miami Beach is also in financial straits. The property’s $660 million loan was due in August. Contractors also claim the owner of the historic hotel owes them $60 million.
via Dubai World loses control of New York hotel.
Creeping Capitalism?
No comments:
Post a Comment