The Embassy Suites at 2925 Emerywood Pkwy. (Photo by David Larter)
A West End hotel near West Broad Street and Glenside Drive is heading toward foreclosure.
According to the commercial real estate tracking firm Trepp, the Embassy Suites at 2925 Emerywood Pkwy. is listed as in foreclosure and has been delinquent since January.
Crescent Hotels and Resorts, a large hotel owner and operating firm based in Northern Virginia, runs the facility.
“We are facing the same combination that faces quite a few hotels: The debt payment is too high for the revenues to achieve,” said Phil Wolf, Crescent’s chief financial officer.
Wolf said that his firm is in negotiations with the servicer and that it still operates the hotel.
According to the Trepp report, the hotel’s development was a joint venture between Allied Capital and Crescent. Georgia-based Ares Capital bought Allied Capital in 2009.
The report says the balance on the 2005 loan is about $33.5 million with 56 months left on a 120-month loan. The balance is listed as about 70 percent of the hotel’s original value.
CW Capital Management is listed as the special servicer on the loan, and Wachovia is listed as the master servicer.
The hotel was built in 1987 and was most recently renovated in 2006, according to Trepp. Its total operating expenses are $5.9 million; revenue is listed at $7.7 million.
The Embassy Suites at 2925 Emerywood Pkwy. (Photo by David Larter)
A West End hotel near West Broad Street and Glenside Drive is heading toward foreclosure.
According to the commercial real estate tracking firm Trepp, the Embassy Suites at 2925 Emerywood Pkwy. is listed as in foreclosure and has been delinquent since January.
Crescent Hotels and Resorts, a large hotel owner and operating firm based in Northern Virginia, runs the facility.
“We are facing the same combination that faces quite a few hotels: The debt payment is too high for the revenues to achieve,” said Phil Wolf, Crescent’s chief financial officer.
Wolf said that his firm is in negotiations with the servicer and that it still operates the hotel.
According to the Trepp report, the hotel’s development was a joint venture between Allied Capital and Crescent. Georgia-based Ares Capital bought Allied Capital in 2009.
The report says the balance on the 2005 loan is about $33.5 million with 56 months left on a 120-month loan. The balance is listed as about 70 percent of the hotel’s original value.
CW Capital Management is listed as the special servicer on the loan, and Wachovia is listed as the master servicer.
The hotel was built in 1987 and was most recently renovated in 2006, according to Trepp. Its total operating expenses are $5.9 million; revenue is listed at $7.7 million.