Reply #10: Radisson Hotel Goes Into Foreclosure

[UpInArms]

http://www.globest.com/news/271_271/denver/133543-1.html

AURORA, CO–JER Properties of Dallas has appointed Denver-based Sage Hospitality Resources as the receiver for the 479-room Radisson Hotel at Interstate 225 and Parker Road here. The hotel is one of four hotels for which Sage is acting as the receiver. Two of the other hotels that are delinquent on their mortgages are in Montana and Dallas, says Walter Isenberg, president and CEO of Sage. JER is a long-time client of Sage.

Mary Wenke, Arapahoe county commissioner, says the Radisson foreclosure is the first large commercial property she has seen since taking the job half dozen years ago. Last year was the worst year for foreclosures since the record set in 1988, as the market reeled from a poor economy, a crash in oil prices, overbuilding and the 1986 tax law changes regarding real estate.

Back then, a large number of offices, apartment buildings, hotels and retail centers were returned to their lenders or taken over by the RTC, the Congressionally created entity to dispose of the assets of failed savings and loans.

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