"Over the past few months, the available funds of EHT have been decreasing in order to fund such expenses, a substantial portion of which are the obligations and liabilities of the master lessees under the MLAs," they noted
On Wednesday, the managers said that terminating the MLAs was a required condition of the lenders' consent to continued extension of further forbearance arrangements, and it is crucial for EHT to take control of the hotels so it can implement potential temporary arrangements for the properties. In the interim, EH-Reit and the master lessors will continue to provide oversight of the hotels until longer-term replacement lessee solutions are found.
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