Beleaguered Hotel REIT Once Again In Hot Water After Lenders Sue To Regain Control Of Properties
BisNow
A Dallas-based real estate investment trust saddled with $150M worth of loan defaults is being sued by lenders in a bid to seize the company's distressed hotels. Morgan Stanley, Barclays and Bank of America are among the creditors requesting that a court-appointed receiver take over seven Ashford Hospitality Trust properties. Two of the hotels, the 152-room Courtyard Dallas Plano and the 126-room Residence Inn Dallas Plano/Legacy, are in DFW.