Saturday, October 22, 2011
JAMESON INN AFFILIATE FILES FOR BANKRUPTCY TO AVOID FORECLOSURE
BUDGET HOTEL CHAIN JAMESON INN PLACED AN AFFILIATED ENTITY IN CHAPTER11 BANKRUPTCY TO THWART A PLANNED FORECLOSURE BY COLONY CAPITAL. THE ENTITY WAS FORMED TO PROVIDE A $40 MILLION MEZZANINE LOAN FOR JAMESON. JAMESON DEFAULTED ON THE LOAN ON AUG.9 AND COLONY ORDERED A FORECLOSURE ACTION.
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