Mortgage News 2 You
Covering Mortgage & Finance
-
Red Roof Inn Defaults on Mortgages
Posted on June 25th, 2009 No commentsEconomy lodging company Red Roof Inns, Inc. has decided to restructure their finances after defaulting on $367 million in mortgage debt. The strangest thing about the situation is that of the 130 properties that the debt is connected with, none of them seem to be actual Red Roof Inns.
Perhaps these company-owned properties are sites of future ins–or maybe they’re completely private for corporate use. Seeing that they’re legally separated from the Red Roof Inn franchise, the latter is more likely. Read the rest of this entry »