Oh snap! More stuff has hit the fan: "Millennium Partners is in default on its two-year $90 million loan for the 277-room Four Seasons Hotel San Francisco," says the San Francisco Business Times. Quote of the day: Millennium Partners said it has "strategically withheld payment of debt service. Conversations on restructuring the debt have begun and Millennium Partners is hopeful that they will result in a positive outcome." And to back it up Millennium stated that that's totally what other hotels across the country do, gosh. In fact, "in the last 60 days 213 hotels owners have defaulted on their loans in California, a 184 percent jump over the previous 60 days." Unfortunately this situation happening this early paints a grim picture, and according to the article's sources, it isn't going to get any better for a real long while. We wish they were wrong (but know they aren't).
· Four Seasons San Francisco in Default [SF Business Times]
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