The lender (Bank of America) behind the loan of the Hilton Times Square is currently negotiating an agreement with the borrower involving a deed-in-lieu of foreclosure.
As a result of the pandemic, the Hilton Times Square was seeing below 5% occupancy rates. It is unclear what will happen to the hotel if Bank of America does take the property. If we were to bet, it will be sold to more entrepreneurial owners.
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