CHICAGO-Three hotels in the northern suburbs have started missing on their loan payments. The hotels include a 115-room Holiday Inn Express in Riverwoods, a 237-room Embassy Suites in Deerfield, and a 161-room Springhill Suites in Lincolnshire.
The hotel industry has suffered a major setback in the recent economic crisis, with business travel coming down drastically and tourists preferring to stay at home. The delinquency rate for hotel CMBS loans in June was 19.2%, an increase from 3.5% last year. For the full story, go to Crain's Chicago Business.
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