Corten Real Estate Partners is preparing to potentially sell The Line LA hotel, owned by Ron Burkle's RECP Sydell Wilshire, after the company defaulted on a $100 million loan. The default stems from failure to make a reserve payment in early January. Burkle, working with former partner Andrew Zobler, transformed the property from a dilapidated hotel in 2011 but now faces legal disputes and financial strain that threaten the operation of The Line LA. Zobler’s firm has no current interest in the debt or operations tied to the hotel.
"Burkle and Zobler have racked up a mountain of litigation against each other and divested from their joint venture over the course of 14 tumultuous years."
"It’s unclear if there are other investors behind RECP Sydell Wilshire who are also on the hook for the debt."
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