Moorlander wrote:Bondholders take ownership of Renaissance hotel
http://stlouis.bizjournals.com/stloui ... mentAnchor
Is this a good or bad thing? thoughts?
I would take it to mean that no one else wanted to buy it.
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I would take it to mean that no one else wanted to buy it.
Even if it sold for a dollar, you'd have to make the payments on the debt, right? I wonder what is preventing debt restructuring (bankruptcy)?
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Matt wrote:Even if it sold for a dollar, you'd have to make the payments on the debt, right? I wonder what is preventing debt restructuring (bankruptcy)?
If there was a bankruptcy or some other sort of debt restructuring, the bondholders could have ended up with zilch. Now that they've bought the hotel, they can either sell it and probably end up with fifty cents or so on the dollar for each outstanding dollar of bonds or continue to own the hotel and use profits to pay back the bondholder investment (albeit at a less aggressive pace than under the original terms of the bonds).
Correct me if I am wrong.. but these ARE the bond holders. There is NO bank involved, so no such thing as bankrupty for them. It is like an investment with many different people (bond holders) So these people invested the money, and expected a return. Well now they are stuck with a hotel 
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The storm that just blew through downtown did some MAJOR damage to several floors on the eastern facade of the suites building (the former Lennox Hotel). I took a pic, which I'll post when I get home.
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They've already repaired a large portion of the damaged siding. At this pace they will be all ready to go before the All Star Game.
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So it looks like there still are negotiations with a potential buyer for a sale of both the Ren Grand and the old Ren Suites (Lennox) across the street, but if that doesn't work out then others appear to have expressed interest in buying just the Renaissance Suites. Either way, it looks like downtown may get the now shuttered Suites back open.
http://www.stltoday.com/business/local/ ... 64db2.html
http://www.stltoday.com/business/local/ ... 64db2.html
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Would like for Lennox to reopen as a hotel or residential apartments.
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I was saying the same thing the other day. The building would be perfecto-mundo for some super tight apartments. I would totally live there.
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Looks like a good week for the Renaissance Grand. Yesterday it was announced that a new owner is buying the hotel and rehabbing all rooms and common areas.
Now the Renaissance Suites aka Lennox Hotel has a buyer and will turn the building into a Marriott Courtyard.
Great news for downtown.
http://m.bizjournals.com/stlouis/blog/2 ... twt&r=full
Now the Renaissance Suites aka Lennox Hotel has a buyer and will turn the building into a Marriott Courtyard.
Great news for downtown.
http://m.bizjournals.com/stlouis/blog/2 ... twt&r=full
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The Grand is REALLY showing wear and needs some serious modernizing. The empty Suites is just sad to walk past. Great news indeed!!!
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Work has started on the Lennox Hotel. There is a fence and dumpster and workers doing window work.
The $30-million renovation of The Renaissance Grand, which will become Marriott St. Louis Grand Hotel, is coming along nicely.
The Marriott St. Louis "Grand" Hotel appears to join other "Grands" in Rome, Moscow and Las Vegas.
Source #1: https://www.facebook.com/MarriottStLouisGrandHotel
Source #2: https://www.facebook.com/hashtag/hellomarriottstl
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The Marriott St. Louis "Grand" Hotel appears to join other "Grands" in Rome, Moscow and Las Vegas.
Source #1: https://www.facebook.com/MarriottStLouisGrandHotel
Source #2: https://www.facebook.com/hashtag/hellomarriottstl
Wow, that looks totally different than the last time I was in there (the lobby at least). But what's with that carpet in the guest room? It looks like it went through a washing machine with battery acid. Is that a thing now?
This looks great. I don't have a ton of experience with St. Louis hotels—I've never needed to stay in one. But it seems like most of our recent hotel conversions/renovations have played on the historic nature of the building. And that's awesome.
But this one is beautifully modern. Very nice.
But this one is beautifully modern. Very nice.