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GFI Capital’s Bond Crisis Deepens | Real Estate News
GFI Capital’s future hangs by a thread as it faces a $60 million bond payment crunch, potentially unable to meet December 1st obligations. The culprit? The struggling Seville NoMad hotel, whose occupancy has plummeted and operating losses have drained the company’s working capital — a stark contrast to other developers accused of mismanagement. Blaming global tourism dips tied to geopolitical tensions, GFI is now negotiating a three-year bond extension with bondholders, offering a lien on the lucrative Beekman Hotel in exchange — while also proposing a slight interest rate hike. Despite…
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