A recent favorable bankruptcy court ruling paved the way for the acquisition of W Union Square, a premium luxury hotel in New York, by Host Hotels & Resorts Inc. (NYSE: HST), the largest lodging real estate investment trust (REIT) in the U.S. A bankruptcy petition was filed in March 2010 by a junior mezzanine lender alleging that the hotel owed about $100 million to its creditors.

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CEO Richard Millard Elevates Executive Positions as Company Plans for Domestic and International Expansion

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At least 200 hotels opened during Ireland’s decade-long economic boom, leaving a glut of rooms and mountain of debt as the number of visitors dwindles. While some establishments cut their losses and shut, others are lowering prices to stay in business and avoid repaying tax breaks if they were to close.

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