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Lender Seeks Foreclosure on Resorts

ATLANTIC CITY-The Colony Capital fund that owns the 942-key hotel/casino has not paid its mortgage since October, Column Financial says.

By Eric Peterson | Updated on January 23, 2009

ATLANTIC CITY-The owner of the Resorts Atlantic City hotel/casino apparently hasn’t made a payment on its mortgage since at least October, and its lender is looking to foreclose on the property. According to a report by the Associated Press, Column Financial filed a petition yesterday with the state’s Casino Control Commission asking for permission to foreclose.

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.

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