Thursday, December 10, 2009

Gansevoort Foreclosure?

It'll be interesting to see how the new one on 29th and Park works out, although I don't think that one has any condos.

No doubt, the hotel woes are hitting hard today. In an earlier story, we linked to a Miami Herald article about the imminent foreclosure auction of the Gansevoort South, which despite being a party hotel has hit some rough times, just two years after opening.

The Miami Herald said the hotel had issues selling the condo units inside the hotel and that revenue was not enough to help them cover construction debt costs. Today, the Gansevoort Hotel Group sent HotelChatter their official statement on the scenario. The good news is, it's still going to remain a Gansevoort. The Gansevoort Hotel Group is even going to try and buy it back at the auction.

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