Fitch: Embassy Suites Phoenix Expected to be Sold
Excerpt: The largest contributor to expected losses is the real estate owned (REO) Embassy Suites Phoenix (0.8% of the pool), which is a 314 room hotel located in Phoenix, AZ. The borrower began having cash flow difficulties in 2008, but continued to support the loan through the May 2012 debt service payment. Negotiations with the Borrower were unsuccessful and a receiver was appointed in March 2013. The property converted to REO on June 5, 2013, and is expected to be sold.
Editor’s Note: Google identifies three properties as Embassy Suites in Phoenix. The press release does not identify the property by address. So I won’t either.