Olshan Blocks Hilton From Terminating Top Performing Franchise
The Real Deal reported that the owners of the JFK Doubletree franchise won a temporary restraining order on Friday afternoon blocking the imminent termination of the franchise. As separately reported by the Wall Street Journal, the termination had triggered a default event under the $35 million mortgage on the hotel eight months after the loan was transferred into a commercial mortgage bond pool. Olshan partner Kyle Bisceglie argued the case in court. Adam Friedman provided valuable assistance relating to the emergency application. Commercial Real Estate Direct (subscription required), DowJones DBR Small Cap (subscription required) and The Daily News also reported on the matter.