Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Sunstone Hotel Investors Inc. intends to forfeit the 258-room W San Diego to its lenders after its efforts to reach a compromise on the luxury hotel’s $65 million securitized mortgage failed.
Sunstone, a real-estate investment trust that owns 43 hotels, bought the W for $96 million in 2006 from a group led by developer Gatehouse Capital Corp. Since then, the slumping performance of the W San Diego and the broader hotel market has made supporting that mortgage a challenge for Sunstone.
Foreclosures and forfeitures of hotels are becoming commonplace in this recession, though a public REIT turning over a high-profile, luxury property still is rare. Default rates on securitized mortgages backed by hotels have risen sharply as travelers have cut back, occupancies and revenues have tanked and, subsequently, hotel owners have run into difficulty making their debt payments. To wit, 3.16% of securitized mortgages backed by hotels now are delinquent on payments as compared to just 0.44% at this time last year, according to Trepp LLC.
A recent report by the special servicer of the W’s mortgage, Centerline Serving Inc., noted that the W San Diego since 2007 has failed to generate enough monthly income to cover both its operating costs and its interest payments. Sunstone has been covering the shortfall since 2007 to keep the loan out of default, but it opted this month to stop doing so.
The W San Diego has suffered partly because of the national decline in business and leisure travel. Additionally, in its downtown location it isn’t within convenient walking distance from San Diego’s Gaslamp District or the San Diego Convention Center, . said John Arabia, an analyst with real estate research company Green Street Advisors Inc.
The whole Hotel Industry is going to reel from this.
The more I think about this, these “boutique party hotels” (mostly phony and corporate anyways) are really in trouble.
Their target demographic 25-39 or so, is really hurting of liquid cash these days. Striped shirts are toe tagged. Plastic tiaras and lame “girls nights out” aren’t going to cut it.
The 40 to 50 monied crowd, or older couples with money won’t go to these places (too loud, too frugal etc).
Any 25 to 39 year olds with half a brain are going to skip eating and partying at these places because the food quality and girl quality is so low and price points are so high. (You can’t drag me there unless it’s a special event or they start importing Eastern Block and South American Models).
I think its game over for the ubiquitous “Corporate Cool” of the last 6 years. (Thank Goodness). Unless they decide to legalize prostitution and turn these things into High-End Brothels.
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Mickey Factz featuring The Cool Kids “Rockin N Rollin”
The Border Patrol says a Mexican man has been arrested for allegedly trying to smuggle 24 pounds of marijuana ashore on his surfboard off the San Diego County coast.
The man was spotted Sunday morning about 200 yards off Imperial Beach, near the Mexican border.
The Border Patrol says the man threw a blue duffel bag into the water when agents ordered him to come ashore. The man was arrested in the water.
Agents say the duffel bag later washed ashore, with five packages of marijuana worth about $74,400.
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
http://www.thegmanifesto.com
2. Style of dressing and acting that is half hipster-half wimp, very popular in 2009.
Example 1: The crash of the economy and the death of the striped shirt mortgage brokers has given rise to the Wimpsters.
Example 2: New York City and Sand State nightlife is now overrun by Wimpsters.
Example 3: The masculization of Females (sleeve tattoos, promiscuity, rejecting traditional male-female relations and not dressing in high heels and dresses etc) and the feminization of Males (tight jeans, pandering to a woman’s every desire, being a completely annoying chump, and rejecting European/Latin male-female relations etc) has created a culture of Wimpsters.
