March 11, 2010
San Francisco’s Four Seasons No Longer Facing Foreclosure
While Millennium Partners’ strategic default on its $90 million Four Seasons San Francisco mortgage might not have yielded the intended results with respect to getting its debt holders to renegotiate, it did yield a new equity partner.
Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
And as such, San Francisco’s Four Seasons is no longer facing foreclosure.
∙ If You Owe The Bank $100 $90 Million... [SocketSite]
∙ S.F.'s Four Seasons averts foreclosure [San Francisco Business Times]
First Published: March 11, 2010 6:30 AM
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