“American Idol” hotel investor and New York Four Seasons hotel owner face financial woes

New York /
Dec.December 08, 2009 01:32 PM

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.


Related Articles

arrow_forward_ios
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Bob Ghassemieh, Ignazio and Maggio Cipriani, Mr. C Seaport at 33 Peck Slip (Getty, Mr. C Residences, Google Maps, Bob Ghassemieh)
Mr. C Seaport hotel sold to South Korean operator for $60M
Mr. C Seaport hotel sold to South Korean operator for $60M
Hotel at Times Square heads to auction
Hotel at Times Square heads to auction
Hotel at Times Square heads to auction
From left: Quadrum Development's Oleg Pavlov, Toby Moskovits, and Heritage Equity Partners' Michael Lichtenstein with the  96 Wythe Ave (Williamsburg Hotel, Getty)
UK firm to buy Moskovits, Lichtenstein’s Williamsburg Hotel for $96M
UK firm to buy Moskovits, Lichtenstein’s Williamsburg Hotel for $96M
The Moinian Group’s Joseph Moinian with 37-10 and 37-20 114th Street
Moinian sells dev site near LaGuardia for $50M
Moinian sells dev site near LaGuardia for $50M
From left: Vornado’s Steve Roth and Andrew Penson with 1601 Broadway
Crowne Plaza Times Square Hotel owners file for bankruptcy
Crowne Plaza Times Square Hotel owners file for bankruptcy
From left: BD Hotels’ Richard Born and The Jane Hotel/JK Hotel Group’s Jeff Klein with the Jane Hotel (Smart Travel, Studio Scrivo)
Jeff Klein buys Jane Hotel for $62M
Jeff Klein buys Jane Hotel for $62M
Illustration of the Belmont Hotel in Dallas (Getty, Google Maps; Illustration by Kevin Rebong for The Real Deal)
The lives and deaths of the Belmont Hotel
The lives and deaths of the Belmont Hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...