The owner of the Standard High Line Hotel in New York is countersuing its lenders, including Apollo Global Management, in a bid to stop a foreclosure on the property.
Wells Fargo sued on behalf of lenders in November to foreclose on the hotel, contending the owners defaulted on a $170 million mortgage.
The 338-room hotel, which straddles the High Line on Manhattan’s West Side, was acquired in 2017 for $340 million by Hong Kong–based Gaw Capital Partners. The firm fell behind on mortgage payments last year amid the Covid-19 pandemic.
Gaw’s counterclaim accuses the lenders of an “illicit scheme” to extract a $50 million payment from the
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