Albany Officials Consider Hilton Garden Inn Finances
Wednesday, May 20th, 2015
Ward V City Commissioner Bob Langstaff offered a short tutorial in Hotel Financing 101 Tuesday morning during the commission’s work session, clearing some of the confusion surrounding a call for a collateral change by principles with the downtown Hilton Garden Inn hotel.
The hotel’s owners asked the city to accept a payment of $600,000 on the $3.2 million they owe on the loan granted by the city 10 years ago when the hotel was built and to accept “first-lien” status on the asphalt surrounding the hotel in lieu of the second lien the city currently holds on the hotel itself.
