A financial shockwave reverberates: Discover credit card charge-offs peak since 2008, while Four Seasons Maui faces default on a $234 million loan. Amidst the unexpected downturn, even luxury icons falter, signaling broader economic turbulence.
This is totally nothing like 2008 guys, relax!
Also: Discover credit card charge offs hit highest level since 2008 pic.twitter.com/3152thEWBd
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) April 20, 2024
Wow. Never thought I’d see a Four Seasons default. Especially in Maui.
The 1% who fill these places always make money. t.co/vDNnijLYXM
— QE Infinity (@StealthQE4) April 20, 2024
The Four Seasons Hotel and Private Residences at the foot of Canal Street is facing financial struggles nearly three years after opening as New Orleans’ premier luxury hotel and condominium complex, forcing its owners to seek additional investor cash in an effort to avoid having to sell the property.
According to documents sent to investors in February, Massachusetts-based Carpenter & Co., the main developer of the project, is in default of a loan agreement with its mortgage lender. The developer has been instructed by its senior lender, New York-based Madison Realty Capital, to look for new funding from investors or prepare to sell.
New Orleans developer Paul Flower, whose Woodward Interests is a local partner in the project, said that the Four Seasons owners are “seeking commitments for additional capital” from current investors and are negotiating with their lender on a plan that would change the loan terms.
www.nola.com/news/business/new-orleans-four-seasons-in-financial-trouble-documents-say/article_e36943e2-fce0-11ee-8a54-0f13e3721a23.html
This weekend everywhere I’ve gone has been dead.
Bars/restaurants. All of them.
Like noticeably slow. It was like this last week too.
Just an observation.
— QE Infinity (@StealthQE4) April 21, 2024