Posted 4/14/2009 - 7:57:59 AM
SCOTTSDALE, AZ— Open less than six months, the 224-room W Hotel & Residences here has entered foreclosure.
The propertys owner, an affiliate of Triyar Hospitality, has defaulted on more than $70 million in loans made by a German bank.
The hotel continues to operate, managed by the W brands parent, Starwood Hotels & Resorts Worldwide, while the foreclosure action moves through the courts.
The hotel was the first W in Arizona.