Episode Details
Back to Episodes
O'Hare Hotel in EB-5 Foreclosure Crisis | Real Estate News
Description
A Hyatt La Quinta near O’Hare is teetering on foreclosure after a $25 million construction loan went unpaid in 2022, leaving a $23 million debt tied to the EB-5 visa program. Developer Steven Wang used the 2014 loan to build the hotel, and now a New York attorney-linked LLC seeks a receiver to seize control. Complicating matters, a separate $7 million mortgage remains unpaid, and the hotel’s fate mirrors broader EB-5 failures across Chicago — where other hotels and developments are also facing foreclosure and investor losses, including the once-prized Westin O’Hare, sold for half its original price. This tangled web of international investment and U.S. real estate is leaving billions on the line.
Listen in comfort:
Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn.
Advertise on DNN:
advertise@thednn.ai
This is an automated, high-level news summary based on public reporting.
Report issues to feedback@thednn.ai.
View sources & latest updates:
https://sources.thednn.ai/7d16136f1358bddb