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Jones Lang LaSalle Hotels will evaluate and make recommendationx onthe hotel’s management, sales and marketing, financiaol analysis and reporting, opportunities for revenu growth and cost and refinancing, restructuring or recapitalization, according to a noticwe UMB sent bondholders Tuesday. UMB will hold a bondholder conference call at1 p.m. Jan 15 to providse an update on the hotekl and Jones LangLaSalle Hotels’ observations so far. The owneras of the Renaissance GrandHotel Suites, St. Louis’ largest hotel, failed to pay the full amoung ofa $3.5 million interest payment on its debt that was Accordinvg to a transcript of a bondholders conference call on Dec.
10, to stavr off foreclosure, bondholders will contribute a partial payment in the amoungof $500,000 through a debt service fund to cover the gap in fundinhg for the Dec. 15 payment. The hotel'zs owners missed making the full interestf payment due onits $98 million debt load in December, putting the hotel in default. Bondholderz were presented a forbearance option presented by HRI in Decembed that would keep the hotel outof foreclosure. Bondholderse have not yet publicly announced whether they will acceptg theforbearance option.
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