B of A Claims Radisson Plaza Loan Default
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IRVINE — Bank of America has sued to foreclose on the Radisson Plaza Hotel in Irvine, charging that its owners have defaulted on a $19-million loan.
In documents filed Monday in Orange County Superior Court, the bank said that GMY Investment Co., L.P., a limited partnership that owns the hotel, stopped making principal and interest payments in January--pushing the outstanding balance, including late fees, to $20.7 million. A default notice was filed with the court in November, court papers show.
George Yao, an investor, was also named by the bank in the suit. In 1989 he agreed to buy the 289-room Radisson and as part of the sale agreement he signed a $19-million promissory note with Homestead Savings, a savings and loan later taken over by the Resolution Trust Corp. Bank of America inherited the loan from the RTC, court papers said.
Attorneys could not be reached for comment.
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