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October 2, 1987 | CHRIS KRAUL, San Diego Business Editor
Home Federal Savings & Loan has declared the owners of the historic U. S. Grant Hotel to be in default on their second-mortgage loan, exacerbating the financial woes of the downtown San Diego landmark. In the notice of default filed Sept. 29 at the San Diego County Recorder's office, Home Fed said Sybedon Corp.
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BUSINESS
October 2, 1987 | CHRIS KRAUL, San Diego Business Editor
Home Federal Savings & Loan has declared the owners of the historic U. S. Grant Hotel to be in default on their second-mortgage loan, exacerbating the financial woes of the downtown San Diego landmark. In the notice of default filed Sept. 29 at the San Diego County Recorder's office, Home Fed said Sybedon Corp.
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REAL ESTATE
June 9, 1985
Sale of San Diego's U. S. Grant Hotel for about $80 million to a syndicate has been announced by The Sickels Group. Sale of 300 limited partnerships for $30 million was the final stage in the financing package for the rehabilitation of the landmark hotel, according to T. Patrick Smith, president of The Sickels Group. He said the syndication was accomplished through the New York-based Sybedon Corp., which will be the general partner.
CALIFORNIA | LOCAL
January 1, 1985 | NANCY RAY, Times Staff Writer
Christopher Sickels, the San Diego developer who is restoring the historic downtown U.S. Grant Hotel, has sold the block-square property to a New York real estate investment firm in return for financial backing of the $80-million face lift. Sickels' firm, CDS-Grant Associates, announced that the old hotel has been acquired by U.S. Grant Hotel Associates, a California limited partnership formed by Sybedon Corp.
CALIFORNIA | LOCAL
November 7, 1987 | CHRIS KRAUL, San Diego County Business Editor
The U.S. Grant Hotel's largest lender Friday filed a request in Superior Court for a court-appointed receiver to take over management of the troubled downtown San Diego landmark. Home Federal Savings & Loan, which initiated foreclosure proceedings on the beleaguered hotel in September, also asked the court to assign hotel rents and other income to Home Federal, and to grant a temporary restraining order prohibiting the Grant's owners from disbursing income until a receiver takes over.
BUSINESS
October 22, 1987 | CHRIS KRAUL
The U.S. Grant Hotel laid off 45 workers Tuesday night after the owner's efforts to restructure the troubled hotel's finances were dealt a setback. The layoffs caused a closing of the hotel's Garden Room restaurant and a sharp cutback of room service. Hotel managing director Chris Venner said the decision to lay off employees was made after the hotel operator and owner, a partnership headed by Sybedon Corp.
BUSINESS
January 20, 1987 | GREG JOHNSON, Times Staff Writer
The U.S. Grant Hotel this summer will begin construction of an $8-million 96-room addition that will include a roof-level swimming pool, a sun deck and a health club, hotel officials said Monday. The five-story addition--to be built on top of the hotel's four-floor parking structure--will "increase the hotel's appeal to a wider range of executive-level conference planners," according a hotel spokesman.
CALIFORNIA | LOCAL
June 20, 1985 | BARRY S. SURMAN, Times Staff Writer
President Reagan's income tax reform proposal could jeopardize the rehabilitation of the historic Mission Inn, city officials and private investors said Wednesday. The $30-million remodeling project is scheduled to begin in the fall and take at least two years to complete, said Maureen McAvey, director of development for Carley Capital Group, the company buying and developing the Mission Inn.
CALIFORNIA | LOCAL
December 22, 1987 | LEONARD BERNSTEIN, Times Staff Writer
The City of San Diego asked a Superior Court judge on Monday to improve its standing among the creditors who would be reimbursed if the troubled U.S. Grant Hotel is sold in foreclosure proceedings. The city says it is entitled to an improved position because Home Federal Savings & Loan, which holds a $32-million second mortgage on the historic hotel, and the owners of the U.S. Grant kept the city in the dark about financial arrangements that work to the city's disadvantage, Assistant City Atty.
CALIFORNIA | LOCAL
October 28, 1987 | CHRIS KRAUL, San Diego County Business Editor
Despite predictions by city officials that the U.S. Grant Hotel is headed for bankruptcy, the owner said Tuesday that the hotel will remain open and that it will not "implement Chapter 11" under the U.S. Bankruptcy Code in the immediate future. Sybedon Corp.'s vow to keep the 283-room hotel open came one day after the City Council denied its bid to have a $6-million government loan subordinated to $1 million in new financing from Home Federal Savings.
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