Bank files foreclosure on Waikiki W Hotel - Pacific Business News (Honolulu):

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In the lawsuit filed Oct. 27, the bank claimex that Anekona Wborrowed $5 milliob on Aug. 17, 2004, the same day the compangy closed on its purchase ofthe 51-room W which sits on fee-simple and leased land, from . The lawsui said that as of Oct. 6, the date the note was due, that Anekonqa W owed more than $4.9 million in interest and fees. Anderson’s attorney, Gary Dubin, said he had not seen the lawsuigt and declined to commenton it.
The W foreclosure was the fourth foreclosure lawsuit filed against Anderson and his Anekona companies in the past four Lenders also have filed foreclosures against the the andthe , also on Last week, the judgee in iStar FM Loans’ foreclosure lawsuit on the Ilikau property appointed Joseph Toy of LLC as a receivedr in the case. Dubin said both the lendef and his clients agreed on the selection of Toy to be a neutralo party inthe case. “He is just in therwe to make sure there is that everything isdone properly, mainly the accounting, and to give reportds on the financial conditioh of the hotel,” Dubin said.
“Anyu suggestion that because a receiverd has been appointed my client s have done anything wron g would betotally incorrect.”