Four 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.