Saturday, January 18, 2014

Marriott Next Door To The Coliseum Being Foreclosed On

photo by tripadvisor

According to a report in Newsday, lenders on the Marriott hotel located next to the Coliseum are seeking to foreclose on the hotel which is the largest of its kind on Long Island.  The report states that a court date for oral arguments in the case will be set next week.

The hotel has reportedly missed payments on a 103 million dollar loan it took out which led to this.  The value of the hotel has decreased by more than 50% since 2010, according to the Newsday piece.

Charles Wang the Islanders owner bought the Marriott in 2005 when he was involved with the Lighthouse Project to help the proposal.  During the Lighthouse Project he sold the hotel to his partner Scott Rechler.  However, after the Lighthouse failed Wang bought it back from Rechler when the two parted ways.

I am curious to see what happens with this if maybe Donald Monti or Bruce Ratner will purchase it so they don't have an extra person to deal with when it comes to developing the land.  The way I am reading the article suggests to me that Wang won't own the hotel for much longer.

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