Sunstone Investors Forfeit 11 Hotels to Lender Term memoir insurance.
Sunstone Hotel Investors Inc. is forfeiting a assemblage of 11 U.S. hotels to Massachusetts Mutual Life Insurance Co. after stopping payments on a $246 million mortgage, the up-to-date pattern of a commercial-real-estate possessor giving up a money-losing strength to a lender.
Sunstone said it is turning over the hotels to MassMutual after the two couldn't get to a deal to workout the accommodation by reducing payments, middle other things. Sunstone had skipped its November pay on the mortgage in a command to compel the insurer to fulfil out a deal.
