Wells Fargo & Co. sued to seize and sell the Standard High Line Hotel in New York on behalf of its creditors, claiming the Hong Kong-based owner, Goodwin Gaw, has failed to make payments on a $170 million loan since May 2020, Bloomberg News reported. Gaw, the chairman of Gaw Capital Partners, owes more than $186 million in principal, interest and fees on the 338-room hotel that straddles the elevated High Line park on Manhattan’s West Side, according to the complaint filed Nov. 1 in Manhattan federal court. New York hotels have struggled after the COVID-19 pandemic forced them to shut down. Occupancy at the Standard was 30% as of December, climbing to 76% in June, according to commentary on the mortgage. The hotel is currently open as is its restaurant. Gaw will “vigorously defend” against the foreclosure, the company said in an email. It said Apollo Global Management Inc., which owns a note that allows it to take control of the property in case of default, spurned settlement offers and payments to serve its own interests.
