ATLANTA The 230-key W Atlanta-Downtown has been taken back by its lender, but it remains open and its financial troubles are not impacting operations, its general manager says.
The tower was developed by Barry Real Estate Cos., which avoided foreclosure in April by ceding its ownership stake to mezzanine lender Capri Capital Partners. On Tuesday, Capri was foreclosed upon by the senior lender, a joint venture between the Federal Deposit Insurance Corp. and Square Mile Capital Management, The Atlanta Journal-Constitution reports.
The hotel’s general manager, Tim Dahlen, calls the foreclosure “a good thing” because it puts the financial woes in the past. The hotel has 12 sold-out nights this month, he says.