The owner of a trendy hotel-meets-hostel downtown defaulted on its debt to the tune of $71 million and faces foreclosure. The borrower, a company connected to Generator Hostels, failed to make payments to lender Trimont on a loan tied to Freehand Los Angeles Hotel at 416 West 8th Street, according to a notice of default and election to sell recorded this month. London-based private equity firm Queensgate Investments, which owns Generator, purchased the Freehand Hotels brand six years ago for $400 million from Sydell Group, in a deal that included hotels in Miami, Chicago and New York — about 1,000 […]
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