Wednesday, September 2, 2009

Maui Prince Hotel headed to foreclosure

The 310 key Maui Prince Hotel in Hawaii ($192.5mm in UBSCM 2007-FL1) is going into foreclosure.

The foreclosure may wipe out $227.5 million in mezzanine debt held by a UBS AG fund as well as $250 million in equity that Morgan Stanley and its partners put into the property, the
newspaper reported.

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