SAN DIEGO —- The owner of the landmark Hotel del Coronado is seeking to restructure more than $630 million in debt on the property in yet another sign of growing financial struggles in the hotel industry.
“We have no plans to file for bankruptcy at this point,” said Diane Morefield, a spokeswoman with Chicago-based Strategic Hotels & Resorts, the principal owner of the 757-room hotel. “There could be a variety of outcomes.”
She said the restructuring has nothing to do with the operation of the hotel, and that its decision to move debt to a “special servicer” is designed to give it breathing room with lenders.
Read the North County Times article (written by Pat Maio) here.
