TITLE

SCHRAGER CHECKS INTO HOTEL HELL

AUTHOR(S)
Boyle, Matthew
PUB. DATE
September 2003
SOURCE
Fortune;9/1/2003, Vol. 148 Issue 4, p50
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Rather than cavorting with the beautiful people this summer, trendsetter Ian Schrager has been digging his way out of hundreds of millions in debt resulting from deals he cut back in the late 1990s when business was booming. In early July he received a 30-day extension on a $255 million securitized loan backed by four of his properties, and a Schrager spokesman says he is close to signing a two-year extension on that loan. Representatives for Schrager say he is also in the midst of refinancing a $57 million loan on the Clift in San Francisco. Schrager's woes are no surprise to industry folk, who say his business has been hurt by declining travel and a bevy of imitators.
ACCESSION #
10566702

 

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