Wells Fargo & Co. sued to seize and sell the Standard High Line Hotel in New York on behalf of its creditors, claiming the Hong Kong-based owner, Goodwin Gaw, has failed to make payments on a $170 million loan since May 2020.
Gaw, the chairman of Gaw Capital Partners, owes more than $186 million in principal, interest and fees on the 338-room hotel that straddles the elevated High Line park on Manhattan’s West Side, according to the complaint filed Nov. 1 in Manhattan federal court.
New York hotels have struggled after the Covid-19 pandemic forced them to shut down. Occupancy at the Standard was 30% as of December,
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