• Paulson Group seizes 8 hotels

A group of eight former CNL Hotels & Resorts properties is reported to have been seized by a lender group led by John Paulson, through a $600m debt restructuring.

The properties were acquired by Morgan Stanley in 2007 for $6.7bn, with the restructuring relating to the corporate debt used to finance the deal. Bloomberg reported that $200m of corporate debt was extinguished and $400m was converted into equity,

See the full story here:
http://www.bloomberg.com/news/2011-01-07/paulson-lending-group-said-to-seize-cnl-hotels-from-morgan-stanley-funds.html

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