Trophy hotel investments have turned into long-term nightmares for many novice Manhattan real estate investors, including ultra-wealthy media tycoon Robert Sillerman, whose $180 million investment in developing a luxury Anguillan hotel may never return a profit, according to the Wall Street Journal. Sillerman, whose more astute investments included the purchase of the “American Idol” franchise, told the Journal in an interview at his Manhattan office that his involvement in the now-incomplete and out of money Temenos in Anguilla was ill-founded, given his inexperience in hospitality development. But Sillerman is not alone. Ty Warner, best known for his line of Beanie Babies, is at risk for foreclosure on his New York Four Seasons hotel and three others, the Journal reported, unless he can snag an extension on his $345 million mortgage by its Jan. 9 due date.
“American Idol” hotel investor and New York Four Seasons hotel owner face financial woes
TRD New York /
Dec.December 08, 2009 01:32 PM
The Four Seasons Hotel and Ty Warner, creator of Beanie Babies, who is hoping for an extension on his properties’ $345 million mortgage