No No for Nobu Hotel

Filed under better late than never, Sunday's Checking In column delved into the world of distressed hotel projects that cannot find the cash to make it to the finish line. Among the many projects that was much bally hooed and now seemingly dunzo is the Nobu Hotel New York, which was set to rise in Lower Manhattan, with financing to be provided by Lehman Brothers. Obviously that won't be happening any time soon. While this was probably more of a licensing play than a major equity investment by the Nobu team, this is a black eye on a glorious expansion run. We can't help but wonder how the rest of the empire will do during this down turn without all of the bankers and free wheeling expense accounters plopping down the corporate card for rock shrimp and ponzu sauce. Time will certainly tell.