Michelle Russo of HotelAVE is the court-appointed receiver, and Wells Fargo Bank, N.A., is the servicer and special servicer for the loan. Meanwhile, hundreds of workers at the Hilton San Francisco Union Square, the larger of the two properties securing the loan, have been on strike since September 22nd. The failure to resolve the strike in San Francisco raises questions about whether recovery of the certificate holders’ capital will be maximized during the receivership. More information about these potential impacts is available at San Francisco Hilton Strike Watch. If a sale is not completed by the deadline, the properties will head to non-judicial foreclosure.

Source: Wall Street Journal November 08, 2024 14:22 UTC