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MyspaceFour Hotels: Ty Warner was hoping for a one-year extension on his $345 million loan package covering four luxury hotels, but he only got a 90-day extension, according to a national financial publication.
The loan involves the New York Biltmore, Four Seasons Biltmore, San Ysidro Ranch, and Las Ventanas al Paraiso in Cabo San Lucas, according to Real Estate and Investment newsweekly.
“The loan matured in January and industry participants have been waiting to see what would happen,” the publication said this week. “The new maturity date is believed to be sometime in May.”
I recently spoke to one of Warner’s close associates, who assured me that Ty had plenty of equity in the properties and that there was no serious problem. “Warner’s options are to pay down the loan, find a buyer, or face a potential foreclosure,” the publication said. “The extension gives him some wiggle room to find either a buyer or partner or perhaps even get the loan refinanced.”
Warner, the Beanie Baby king, is worth billions and not likely to lose the properties he greatly cherishes. The Four Seasons in Santa Barbara is particularly his pride and joy.
Barney Brantingham can be reached at barney@independent.com or (805) 965-5205, Ext. 230. He writes online columns and a print column on Thursdays
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Comments
Donate $$$$$$ to a NIce non-profit Ice Rink in Goleta.
That would be nice too.
filmhead (anonymous profile)
March 18, 2010 at 6:03 p.m. (Suggest removal)
yes, that will solve his money problems.
sbdude (anonymous profile)
March 24, 2010 at 12:19 p.m. (Suggest removal)
Think Ty may be a little over-extended?
Maybe he could open up his palace next to the Biltmore for high-roller hotel guests. You know, the place where he bought the big house next door just to demolish it to improve his view.
Or, maybe it might be more efficient to just build the ice rink into the mansion plans?
How much does this guy spend on landscaping the areas outside the fence of his residence? The plantings are beautiful and enhance the whole area. And yet he has a $345 million debt that he can't pay off and had to renegotiate.
Normal folks who only have a mortgage on one home and borrowed stupidly would face foreclosures and bankruptcy when they can't pay off a huge debt, but, as the story says, Ty probably will not lose the Biltmore or his personal castle. Beanie baby billionaires get to play by different rules.
henryjk (anonymous profile)
April 5, 2010 at 7:01 a.m. (Suggest removal)