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."