Property Types  Hospitality
As Trump Retakes Namesake Firm, $486M of Debt to Be Restructured
Aug 05, 2009

Trump Entertainment Resorts said that it will sell the company to Donald Trump and BNAC Inc., an affiliate of Beal Bank Nevada, along with restructuring some $486 million in debt. Under terms of the deal, the new owners of the firm will invest $100 million in cash and take the firm private. Beal Bank is the creditor to whom Trump Entertainment Resorts owes the $486 million, debt that will now mature in December of 2020, instead of the original maturation date of 2012. The owner of three casino resorts in Atlantic City, N.J., Trump Entertainment Resorts filed for Chapter 11 bankruptcy in February. Along with the sale and debt restructuring, the firm will also be reorganized under a plan that has been filed for confirmation in the bankruptcy court.

"I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management," said Donald Trump.

 
Recent Hospitality Headlines
Exclusive Yellowstone Club Sells for Only $115M
Aug 06, 2009
Bargain prices for namebrand merchandise. No, it isn’t a sale at Macy’s or Nordstrom, it is the market for resort properties. The sale of the exclusive ski lodge for the rich and famous in Big Sky, Mont. – the Yellowstone Club – was finalized this week for $115 million. Reports show that the resort could have sold for somewhere around $400 million just a year ago.
As Trump Retakes Namesake Firm, $486M of Debt to Be Restructured
Aug 05, 2009
Trump Entertainment Resorts said that it will sell the company to Donald Trump and BNAC Inc., an affiliate of Beal Bank Nevada, along with restructuring some $486 million in debt.
Fitch Ratings: Large Hotels Defaulting on Loans at High Rate
Aug 05, 2009
As the commercial real estate market continues its downward decline, a new Fitch Ratings report indicates that large hotels lead loans of concern for U.S. CMBS with eight newly defaulted loans greater than $100 million entering special servicing, according to Fitch’s 'What's in Special Servicing' U.S. CMBS report.
Economic Update - Gaming Industry Bets Heavily That Economy Will Turn
Aug 04, 2009
Times are still tough for the subset of the hospitality industry that depends on gambling, but a few operators are betting on a return of the gambling masses as the economy turns.
Russia Leads Europe In Hotel Construction
Jul 27, 2009
In terms of hotel development in Europe, Russia is king, according to the June 2009 Smith Travel Research Global Construction Pipeline Report.
 
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