Posted on 02/19/2024 4:25:13 PM PST by george76
The Westin Tempe faces a potential foreclosure sale after failing to make its loan payments.
The lender for the 290-room hotel near Seventh Street and Mill Avenue in downtown Tempe filed a notice of trustee sale earlier this week, according Maricopa County records. Such notices inform borrowers and property owners they are facing a potential foreclosure and auction sale.
The notice said that the 18-story hotel, which opened in 2021, will be auctioned off to the highest bidder on April 24 at the Arizona Superior Court building in downtown Phoenix.
The construction loan for the Westin Tempe was issued in 2019 by Dallas-based Hall Structured Finance to an entity connected to Las Vegas-based CAI Investments LLC for $86.5 million. Hall’s president, Mike Jaynes, said at the time that the Tempe hotel’s “premier location in this market” and Westin and Marriott’s loyalty program made the project “a great fit for our loan program.”
Apparently, he was very wrong (but still has his job).
“Hotels are getting too dang expensive for just a decent night’s sleep in clean accommodations. Less Westins and more better red roof inns.”
The Red Roof Inns in my area house illegal aliens, pop-up drug dealers, and ho’s. But if that’s your ting, go for it.
Thanks for the post.
Testing your hotel room door
When you get to your hotel room door, and you open the door, be prepared to park something - a piece of luggage, for example - in the doorway, so the door will not close.
Make sure that one of your plastic door keys, is in a pocket on you.
The door lock mechanism should work, with the door open. Test the lock mechanism, using the other plastic key.
There are often, 1 or 2 lights that blink on the outside lock mechanism housing. YELLOW usually means: No Entry - Bad Key OR Un-Authorized. If entry is allowed, usually 1 GREEN, but an additional RED may also blink. RED blink only - Un-Authorized.
If RED and GREEN alternate their blinking, it can mean that the door lock battery pack energy is low, and the battery pack needs to be changed. If RED and GREEN blink at the same time, not a problem.
List of what may be connected to the hotel computer systems:
- all hotel doors
- infrared sensor detects presence of a person in the room - intended as a check/test for heating and A/C
- room thermostat
- room heating A/C unit
- TV, phone, alarm clock
- a portion of fire alarm system - signal
Some rooms have a safe - routinely neglected by hotel maintenance. Test, before trusting. The emergency key that maintenance would use to open the safe, is sometimes on the floor of a former hotel maintenance man's truck - somewhere not near the hotel.
Guessing that an overload of promoted hype, resulted in tremendous over-capacity for occasions other than sports attraction dates.
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