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Lehman-Financed Hotels Stopped in Their Tracks

December 22, 2008 at 3:09 PM | by | Comments (0)

More grim reports about these dark days for the hotel industry, brought to you by the New York Times: construction is being halted on a number of planned major hotel projects due to a shortage of financing. Sad.

One victim: the Ritz-Carlton Molasses Reef in Turks and Caicos. It was going to be a $600+ per-night ultra-luxe resort where guests would arrive via 52-foot yachts, by private plane or by helicopter. But construction has been stopped because Lehman Brothers was financing the project and, well, we know how that whole thing turned out.

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