Park Hyatt Aviara’s $186.5 Million Problem

by The Editors on October 1, 2010

051609-3-1A $186.5 million loan backed by Carlsbadistan’s Park Hyatt Aviara has gone into default, according to a story on the San Diego Daily Transcript.

According to the RealPoint LLC credit rating company, the loan is a month delinquent and has been transferred to a special servicer. . . . Horsham, Penn.-based Realpoint said the 329-room resort, which up until recently was known as the Four Seasons Aviara, had $382,910 in negative cash flow for the 12 months ended March 31. The hotel reportedly had posted $3.1 million in net earnings in 2009 and $11 million in 2008.

We thought the Battle of Aviara was over, but looks like the Park Hyatt is still in the trenches.

[Link: San Diego Daily Transcript]

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