Hotel Del Coronado (HDC) finds itself in a position common to many struggling homeowners. Over-leveraged and looking for a way to get out from underneath the crushing weight of a mountain of debt and the pending doom of a very large balloon payment on the horizon. It appears Blackstone Group (BX) sees an opportunity in purchasing the historic hotel while it is in a weak position with its lenders committing to purchasing a large stake of the HDC for $100 million. Blackstone and the existing owners must bring in enough capital to reduce the Hotel Del’s current debt by Feb. 9th which currently has reached a staggering $600 million. That’s enough to make even Marilyn Monroe blush.
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