TOURISM

W foreclosure suit dropped

 

A German bank has called off its foreclosure suit against the W Hotel in South Beach.

Hypo Real Estate Capital, an arm of a German-owned bank, filed court papers Friday withdrawing its suit and foreclosure action. A publicist for the hotel said the developer, David Edelstein, paid off a dispute $60 million loan, which essentially ended the conflict.

Hypo lawyers did not respond to previous requests for comment on the case, and could not be reached Friday evening.

Edelstein’s statement read in part: “Our negotiation with the lender was resolved in a friendly and amicable manner and all claims have been closed and dismissed. We thank them for their loan, which was fully performing since it was initiated in 2005. We look forward to continuing to be the South Florida market leader as we prepare to head into the very busy season ahead."

DOUGLAS HANKS

Read more Business stories from the Miami Herald

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category