Colony Capital has defaulted on $3.2bn of debt secured against its hotels and healthcare properties.
The US real estate group, founded by Donald Trump ally Tom Barrack, is in negotiations with lenders to extend debt falling due this year.
The defaults occurred within a portfolio of 157 “hospitality properties” and 357 nursing homes and other healthcare properties. It accounts for nearly three-quarters of the real estate on Colony’s balance sheet.
Colony has received a “notice of acceleration for $780m of the debt.
