XPost: alt.fan.rush-limbaugh, alt.politics.media, alt.politics.republicans XPost: talk.politics.guns

On 17 Dec 2021, Rudy Canoza <notgenx32@gmail.com> posted some news:kB1vJ.112702$Z0a.103205@fx17.iad:

Have a big party on the roof and give New Yorkers guns to kill them
all. That's what it's going to take. By the way, this "consortium"
is owned by the communist Chinese. Great job New Yorkers! Everyone
knew you were communists.

Lenders’ concerns include reputational harm, fire, damage
Bankrupt, 492-room Manhattan hotel could house 1,000 migrants
A judge will allow the world’s tallest Holiday Inn hotel to house asylum seekers and migrants in Manhattan’s Financial District despite the hotel mortgage lenders’ concerns over wear and tear and “reputational harm.”

US Bankruptcy Judge Philip Bentley said during a hearing Monday that he
would approve Golden Seahorse LLC, which does business as Holiday Inn
Manhattan Financial District, to sign a contract with the New York City
Health and Hospitals Corporation. The deal is estimated to bring in
about $10.5 million in additional revenue to the hotel, which is 50
stories tall.

The deal comes as hotels nationwide face potential bankruptcies and restructurings this year due to increased interest rates and staffing
costs.

A group of secured lenders, including Wilmington Trust and Triangle
Capital Group LLC, say the bankrupt hotel owes them about $137 million.
The lenders have argued that the contract presents significant potential
risks to the value of the property. Wilmington Trust, a subsidiary of
M&T Bank that holds the debt on behalf of investors, is owed $87
million. The hotel company owes another $50 million to Triangle,
according to court papers.

The lenders’ concerns include potential wear and tear to the property, reputational harm, and “becoming identified in the market as an asylum
seeker residence,” according to its objection. They also had concerns
over reports that occupants at other city migrant housing locations have created fire hazards by bringing in hot plates and other cooking
equipment.

The judge said Monday that while the lenders’ concerns about the
property are serious, the revenue to be brought in outweighs any harms
that are likely to result.

“The risks are real, and I certainly am not able to say with confidence
that none of the possible harms they identify will ultimately come to
pass,” Bentley said. “My job though, is not to claim to have a crystal
ball.”

The lenders also said they worry that asylum seekers could turn from
guests to residents, entitling them to eviction prevention rights.

The 492-room hotel would house roughly 1,000 migrants until at least
August, and potentially until April 2024, according to court records.
Under the contract, the public hospital system would pay the hotel $190
per night, working out to about $5 million this year and potentially
$5.5 million next year.

The hotel would be the fifth in Manhattan to be converted to house a
wave of about 40,000 migrants that entered the city in the last year,
Chris Keeley, the NYCHHC employee managing the migrant housing program,
said during testimony presented Friday.

Golden Seahorse’s November Chapter 11 filing in the US Bankruptcy Court
for the Southern District of New York followed a foreclosure dispute
with lenders. It filed for bankruptcy protection after pandemic-related setbacks drove the Lower Manhattan property to default on its loan.

The case is In re Golden Seahorse LLC, Bankr. S.D.N.Y., No. 22-11582,
hearing 1/30/23.

To contact the reporter on this story: James Nani in New York at jnani@bloombergindustry.com

To contact the editor responsible for this story: Maria Chutchian at mchutchian@bloombergindustry.com

https://news.bloomberglaw.com/bankruptcy-law/bankrupt-manhattan-holiday-i nn-approved-to-house-asylum-seekers

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