According to that report, Column Financial, a commercial mortgage subsidiary of Credit Suisse, wants owner Colony Capital IV, an affiliate of Los Angeles-based Colony Capital LLC, to turn over title to the 942-room property. Column is prepared to keep the hotel and gaming complex open and operating while it looks for a new operator.
Requests for comment from both Colony Capital and Column Financial were not immediately returned. A spokesman for the hotel said that because the property is privately owned, they would not discuss financial matters relating to Resorts Atlantic City.
The move to foreclose follows a filing with the Casino Control Commission in November by Resorts indicating that it would not be able to make its mortgage payment that month on a $10-million loan backed by a $360-million mortgage on the property. In that filing, company officials blamed that failure on "the extreme impact" of current economic conditions.
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