We placed 700 North Central and 801 North Brand, both located in Glendale, California into special servicing. It is premature to speculate as to the outcome on these assets at this time. We are close to completing the sale of the 350-room Westin Pasadena Hotel. A buyer has been selected and the buyer has completed its due diligence. The purchase contract has a non-refundable deposit in place.We are pursuing approval of the buyer with the city of Pasadena. We expect the transaction to close within two weeks of that approval. Once we complete the sale, we intend to fully repay the $78.6 million loan that presently encumbers both the hotel and the 193,000 square foot Plaza Las Fuentes office building and retail components.
MPG Office Trust's CEO Discusses Q1 2011 Results - Earnings Call Transcript
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