WestLB is seeking to sell a portfolio of loans backed by a collection of hotels and resorts, The Wall Street Journal reports. The portfolio includes 10 loans with a face value of about $342 million and two small properties that the bank owns.
Jones Lang LaSalle will be handling the sale process on behalf of the German lender. The loan portfolio comprises the boutique Ace Hotel in Manhattan, the Loews Hotel New Orleans, the Cabo San Lucas resort and a luxury spa in the Utah desert.
