Buyers Circle as Hotels Come Under Pressure
Facing a $1 billion chunk of debt coming due Feb. 1, the CNL Hotels & Resorts Inc. properties owned by a Morgan Stanley fund have become the latest targets of opportunistic investors trying to take advantage of the woes of hotel owners who bought at the top of the market.
Similar due dates also are approaching for other owners, setting the stage for 2011 to be an active year for hotel-mortgage restructurings and takeovers. Other properties that might be up for grabs include the sprawling Atlantis resort complex in the Bahamas owned by Kerzner International Resorts Inc.
A Kerzner representative didn’t respond to messages seeking comment.caribbean, economy, hotels