Westin New York’s $232 Million Loan Sent to Special Servicer

Dec. 2 (Bloomberg) -- A $232 million loan backed by the Westin New York at Times Square, an 863-room hotel in midtown Manhattan, was sent to a special servicer today, according to Fitch Ratings.

Special servicers often perform workouts for loans that have become troubled after being sold as commercial mortgage- backed securities. The Westin loan has a final maturity date of March 11, 2012, after the hotel’s owner, Tishman Hotel & Realty LP, exercised three one-year extension options, Fitch said in a September report.

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