From Los Angeles Business Journal · Hannah Welk · · 1m 10s
Godfrey Hotel Hits Default
Oxford Capital Group's Godfrey Hotel Hollywood defaults on $59.1m debt.
In brief
Oxford Capital Group's Godfrey Hotel Hollywood defaults on $59.1m debt. Oxford Capital Group's Godfrey Hotel Hollywood defaulted on $59.1 million debt to lenders, facing foreclosure. Originally reported by Los Angeles Business Journal.
Godfrey Hotel Default
John Rutledge's Godfrey Hotel Hollywood is in trouble with its lenders.
Debt Default Notice
Lenders led by an AllianceBernstein fund took the first step toward foreclosing on $59.1 million worth of debt tied to the five-year-old hotel at 1400 N. Cahuenga Blvd.
Acquisition Details
Rutledge’s Oxford Capital Group bought the 20,000-square-foot development site in 2016 for $16.5 million amid a hotel building boom in Hollywood.
Property Transfer
Oxford’s joint venture partner, Goldman Sachs, sold its stake in the seven-story Cahuenga Boulevard property to Related Fund Management in a deal that valued the property at $114 million.
Loan Terms
A lender group registered in Luxembourg and led by Nashville-based investment manager AllianceBernstein provided a $76.5 million variable-rate loan for the acquisition.
Foreclosure Process
The borrower defaulted on $59.1 million worth of debt and is now facing foreclosure, according to the Oct. 8 notice.
Here's the gist
Oxford Capital Group's Godfrey Hotel Hollywood defaulted on $59.1 million debt to lenders, facing foreclosure.
