PROPERTY OWNER SPENT $350 MILLION TO BUILD PROJECT, STILL OWES $306 MILLION ON IT, IS CONSIDERING SELLING IT FOR $255 MILLION – THAT DOESN’T SOUND LIKE A GOOD DEAL
Read about the potential sale of the largest hotel in Arizona, here.
Debt on the property exceeds the value of the property by $51 million? That's what you call being upside down.
Did I mention that the owner of the project is the City of Phoenix? Thanks, taxpayers!
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