Foreclosure isn't just for the middle class anymore
06/14/09 07:53
Even in the luxury division of real estate there is a lot of faltering going on.
A prime example? The hip W Hotel located in downtown San Diego, CA. The pricey hotel is dancing toward foreclosure as the owner decides it isn't valued at the $65 million that's owed any more.
Sunstone Hotel Investors, Inc. concluded that paying off the loan no longer made sense.
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