The Real Deal New York

Time Hotel finally headed to the auction block

February 05, 2014 10:48AM

Vikram Chatwal’s troubled Time Hotel in Times Square is slated for a mortgage foreclosure auction later this month.

The auction for the 192-room hotel at 224 West 49th Street was already postponed twice — in October and last month — and has been pushed to Feb. 19. The hotel continues to fight a foreclosure lawsuit from special servicer LNR Partners.

That suit was filed after Chatwal’s company, London-based Hampshire Hotels, failed to pay any interest on $55 million in loans from January 2012 onward, as The Real Deal reported.

Chatwal, who runs Hampshire Hotels, agreed to settle the foreclosure suit last May, the New York Observer reported.

The hotel owner reportedly took out a $43.1 million mortgage loan on the property from Lehman Brothers in 2005 and an $11.9 million gap mortgage loan. The debt was then combined into one $55 million loan. The loan is currently classed as 90 or more days delinquent. [NYO]Mark Maurer

  • 1Lionel

    Just wait till Chatwal version 3 (which is the same as version 1 – a crook) buys it

  • 1richie

    All these families with money they think by buying up all these properties and just owning measure their success. They forget you need EXPERIENCE in running a hotel that size and location. these arab cultures are more for the ” who has a bigger D*** competition then anything else.

    • Swali

      He’s Indian, not arabic. Sikh Punjabi Hindus wear turbans as it is part of their spirituality. The Chatwals own, manage, and operate a portfolio of hotels from nyc to miami, so they have ample experience in the business. Learn a little culture before making these speculative comments.

  • Jay Dub

    First, 1 Richie… you are an idiot. These people are from INDIA!
    Second… this information is wrong… not in foreclosure. They are in fact going
    to renovate the property.
    TRD… Check your sources.