Lenders and investors are feuding over control of the Beekman Tower Hotel (left) and the Eastgate Tower Hotel (right).

Equity investors are feuding with lenders over control of two East Side
Midtown hotels purchased as a package for more than $100 million in
late 2006, a recent lawsuit shows, highlighting the divergent interests
within real estate partnerships in a down economy. The two hotels were bought by an investment entity called Peninsula
Real Estate Fund I, created by Dublin-based Anglo Irish Bank and
investors led by longtime hotel executive Timothy Haskin, formerly a
managing director with Tishman Hotel. The complex dispute between the equity fund and the Anglo Irish Bank
originated with the purchase of the two hotels. The 172-room Beekman
Tower Hotel at 3 Mitchell Place at the corner of First Avenue and 49th Street and the 187-room Eastgate Tower Hotel at 222 East 39th
Street between Second and Third avenues were purchased for a total of
$135 million in October 2006, city property records show.
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