NNN Lease Market News
Troubled German bank WestLB AG is marketing a portfolio of loans backed by a diverse collection of hotels and resorts that include a ski lodge in Utah, a boutique hotel in lower Manhattan and a beach resort in Miami, according to the offering memorandum.WestLB was among a number of European banks that began lending aggressively to U.S. developers during the final years of the property market boom.
John Fox, a hotel analyst at Colliers PKF Consulting, said WestLB's lending may seem more risky because, unlike some foreign lenders, the German bank provided financing for more speculative resort projects
"Some of the overseas banks got into markets they didn't know as well as the urban markets," he said.
A spokeswoman for WestLB declined to comment. A hotel broker at Jones Lang LaSalle, the firm running the sale, also declined to comment.
http://online.wsj.com/article/
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