Le Meridien Dallas by the Galleria, the 11 story boutique hotel near Galleria Dallas, has been flagged for foreclosure after the loan behind the property fell into distress. The move puts the hotel’s future and day to day operations in question for guests and staff while owners and lenders sort out what happens next. Local observers say the situation is the latest sign of mounting pressure on commercial hotel debt in Texas.
Loan Paperwork Links Hotel to Morgan Stanley Securitization
Public mortgage paperwork filed with the Securities and Exchange Commission shows the loan tied to the property was included in a 2019 Morgan Stanley commercial mortgage securitization and had an allocated balance of about $42,840,000, according to a prospectus from…..