BANKING & FINANCE

From Times Staff and Wire Reports

RTC to Sell Hotel Assets: The Resolution Trust Corp., the nation's thrift bailout agency, agreed to sell a portfolio of hotels and non-performing loans collateralized by hotel assets to Chequers Investment Associates. Chequers is owned by Dallas-based Ashford Financial Corp., whose principal shareholder is Montgomery Bennett, and Chartwell Hotels. Terms of the sale weren't announced. The package includes six properties, eight performing loans and 41 non-performing loans. The loans are collateralized by 49 hotel assets valued at $237 million. The underlying assets, located in 14 states, cover about 7,000 hotel rooms.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
56°