Red Roof restructuring debt after mortgage defaults - Business First of Columbus:

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Horsham, Pa.-based , a ratings agencuy that trackscommercial mortgage-backed securitied for investors, said four of the company’sa mortgage loans have been reported to be 30 days delinquenr and are being transferred to a special servicer. Frank a managing director at Realpoint, said the collateralized by 131 RedRoof properties, total about $361.4 Red Roof has four smaller mortgage loans totaling about $12.4 million that are current, according to a Realpoint alert issued late Wednesday. The hotel chaijn said it is in talks with lendersx to restructure debt relaterd to the acquisition ofthe company’sw real estate assets “due to the current state of the lodginb industry.
” Red Roof in 2008 was spun off to two privates investment firms for $1.3 billiob and moved back to Columbuz after being owned by Mote l 6 owner “To date, discussionzs have been highly constructive and we expectf a positive resolution in due course,” the compant said in a statement. “Thesed discussions do not affectthe day-to-day operations of the company’ds properties and will not affect Red Roof’s employees, vendors or franchise owners.” A Red Roof spokeswoman declined to commentr beyond the company’s statement. Red Roof has aboutg 4,500 employees and about 350 company-owned and franchiseds properties.