>Fremont Marriott returns to lender

Share Button

>The Fremont Marriott Hotel has been seized by its lender through a foreclosure, but it remains open with normal operations — and will get a multimillion renovation, the hotel said Thursday.

A unit of American International Group Inc., or AIG, took back the 335-room hotel, whose owners had defaulted in September 2009 on a $38.5 million mortgage. The AIG unit, Western National Life Insurance Co., had provided the financing in 2007.

In an indication of the slump in property values for hotels and other commercial real estate, Western National Life placed a value of $27 million on the hotel when it foreclosed on the mortgage.

Read More:

About the Author