The Renaissance Westchester Hotel is open for guests but in the hands of a court-appointed receiver after its California-based owner defaulted on a $29.2 million mortgage loan.
The 347-room hotel on West Red Oak Lane in Harrison is valued at approximately $25 million, according to its defaulting owner, Renaissance Westchester Hotel. A real estate investment trust based in San Clemente, Calif., Sunstone has a portfolio of 38 upscale hotels in the U.S. and Canada that soon will dwindle to 26.
The Renaissance Westchester is among 13 hotels the company is deeding back to lenders after defaulting on a total of $300.7 million in mortgages. Most of the hotels operate under Marriott International Inc. brands.
The Renaissance Westchester had a 60.3 percent occupancy rate in the fourth quarter of 2009, down from 62.9 percent in the same quarter in 2008. The hotel”™s fourth-quarter revenue per available room dropped from $106.02 in 2008 to $86.22 in 2009, a nearly 19 percent decline. Its average daily rate was $142.99 in the fourth quarter last year, compared to $168.56 in the fourth quarter of 2008, a 15 percent decline.