Four Seasons Hotel said to be hitting the block (Four Seasons New York)

[FarCenter]

Owner Ty Warner is reportedly in danger of default on the 368-room luxury hotel, where room rates start at $1,000 a night.
By Lisa Fickenscher

Even multi-billionaires like Ty Warner are not immune to the latest economic conditions. Mr. Warner, who made his fortune manufacturing Beanie Babies, owns the Four Seasons Hotel New York—but maybe not for much longer.

He is in negotiations to sell the posh property to a group of investors, according to several news reports.

The 368-room hotel, where room rates start at around $1,000, has been hit hard by the downturn in business and international travel to the city. Like all luxury hotels, its occupancy rate has been well below the city average of about 80%.

But more importantly, Mr. Warner has fallen behind on his debt payments. He was unable to make a payment on Jan. 9, according to sources familiar with the situation.

<SNIP>http://www.crainsnewyork.com/article/20100211/FREE/100219986

[dixiegrrrrl]

1. Rich people are not going to hotels????

What the hell are they doing with their money then?

Oh..wait...is this a clue that even the rich are tightening their belts?

What kind of a world is it that the rich are not gadding about with conspicuous consumption?

[FarCenter]

4. And what's with the Beanie Baby billionaire running out of money?

[MineralMan]

2. Putting the blocks to the Four Seasons, eh?

Never been there.

[damntexdem]

3. Isn't this the wrong time of year?

;-)