Pimco Fund Walks Away From 20 Hotels With $240 Million of Debt
- Appraisal for the properties was cut 16% in December
- Buildings were located in states including Texas and Indiana
Pimco headquarters in Newport Beach, California.
Photographer: David Swanson/BloombergThis article is for subscribers only.
A joint venture tied to a Pacific Investment Management Co. fund surrendered a portfolio of 20 hotels with a $240 million mortgage.
The properties, located in cities including San Antonio and Carmel, Indiana, were forfeited in a deal that closed in September, according to commentary filed this week by the loan’s servicer. The Pimco portfolio, valued at $326 million when the debt was originated in 2017, was cut 16% to $272.8 million in a December appraisal.