Bumbling CEO and key White House economic advisor Tom Barrack is doing what he does best … or most … failing miserably. Barrack, who disgraced the Las Vegas Hilton and sundry other casinos, is now in danger of losing 137 over-leveraged hotels, having defaulted on loans and blown through forbearances. The $3.2 billion in loans secured 89 hotels formerly owned by motel mogul Gary Tharaldson (who some will remember as the former owner of the Westward Ho and sister property The Ho, for which he took Gary Loveman to the cleaners). Forty-eight Inland-branded hotels are also at risk. Trustee Wells Fargo is suing Barrack over a defaulted $768 million loan on the Tharaldson properties, which have run an operating deficit of as much as $25 million over the last three months. Colony is being charged with being “unwilling or unable to fund” aforesaid deficit.
