ASPEN – The owners of the Hotel Jerome have defaulted on a loan for the Main Street landmark, prompting the lender to put the note up for bid later this month. The interests of LCP Elysian Aspen Owner LLC, which purchased the Hotel Jerome for $52-plus million in 2007, are scheduled to be auctioned off in New York on Monday, Sept. 14, according to a public notice published in recent editions of the Aspen Daily News.“They took out a mezzanine note that lists the Hotel Jerome as collateral. My client is foreclosing on that collateral, which is the ownership interest in the Hotel Jerome,” said Stephen Cohen, an attorney with Wachtel & Masyr LLP in New York.
By Troy Hooper, Sept. 4, 2009, Aspen Daily News

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