The Detroit Marriott Troy is the latest key regional hotel to face foreclosure amid plummeting revenue during the COVID-19 pandemic, a challenge that has spanned the industry during the public health crisis.
But there are signs that a workout agreement could give the ownership group a lifeline to keep its hands on the 350-room hotel at 200 W. Big Beaver Road.
The ownership group, which includes Hadidi Capital, has been late on a $48 million commercial mortgage-backed securities loan from Barclays since October and have a remaining balance of approximately $44.8 million, according to loan data posted to CoStar Group Inc., a Washington, D.C.-based real estate information service.
Loan commentary said the loan was transferred to special servicing on Dec. 18 “due to imminent payment and maturity default,” and the loan on the 13-story, 31-year-old hotel matured Feb. 6.
But although a foreclosure has been filed and a receiver has been…