The Real Deal Miami

Doubletree Palm Beach Gardens in danger of imminent default

June 25, 2010 09:45AM

The Doubletree Palm Beach Gardens

The Doubletree Hotel Palm Beach Gardens is in danger of “imminent
default” after significant losses in 2009, according to Fitch Ratings.
The rating firm said the hotel’s $23.5 million mortgage with a
commercial mortgage-backed securities fund originated by Barclays
Capital went into special servicing with Helois. The 279-unit Doubletree
first obtained the loan four years ago, and it is not scheduled to
mature for another year. The hotel is owned by THI IV PBG, a firm based
in Annapolis, Maryland. [SFBJ]