Wall Street Journal
The hotel, says the article, isn't bringing in enough capital to pay the annual $11.5-million payments. Rockwood acquired the 657-room hotel in 2007 from Walton Street Capital for $260 million. From that time, occupancy rose at the Mayflower, rising 4% to 76%, but at the same time, room rates were cut 20%, the Journal says.
Rockwood and mortgage servicer Midland Loan Services declined to comment for the article. Click here to read the Journal's full story.
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