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Hotel could change hands

By   /   Monday, April 12th, 2010  /   Comments Off on Hotel could change hands

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The 135-room Country Inn & Suites in Port Hueneme might change hands soon as its owners face foreclosure on $53.2 million in debt.

The loan dispute is between two obscure partnerships that ultimately lead to the Royal Bank of Scotland and Credit Suisse, two of the largest investment banks in the world. It also represents what could be a new phase in the financial crisis: The loan backing the Country Inn & Suites was diced up and sold in a commercial mortgage-backed security, the commercial flavor of the bond class whose hidden risks contributed to the market crash of late 2008.

At the Country Inn & Suites itself, any change in ownership is not expected to affect business. Silvia Flaaten, the general manager of the hotel, said RIM Hospitality is taking over management of the hotel from Santa Monica-based Windsor Capital Group and that the transition has been seamless.


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