Highland's

Long before the LoHi tag became fashionable, East Highland's more practical nickname was Little Italy.

Wayne Trujillo: The Highlands and Harlem: Has Pollyanna Been Displaced by Gentrification? Wayne Trujillo 2011

Long before the LoHi tag became fashionable, East Highland's more practical nickname was Little Italy.

Wayne Trujillo: The Highlands and Harlem: Has Pollyanna Been Displaced by Gentrification? Wayne Trujillo 2011

In a deal finalized Thursday, Ashford and Prudential, which jointly owned roughly $300 million of Highland's mezzanine debt, have converted most of that debt to equity and contributed additional capital to pay down Highland's $700 million senior mortgage.

Ashford Scores Highland's 28 Hotels in Debt Revamp Kris Hudson 2011

Holders of Highland's mezzanine debt with the junior-most claims, as well as JER's equity stake, were wiped out in the restructuring.

Ashford Scores Highland's 28 Hotels in Debt Revamp Kris Hudson 2011

Hotel owner Ashford Hospitality Trust and Prudential Financial Inc. on Thursday took control of the Highland Hospitality Corp. chain of 28 upscale hotels in a restructuring that wiped $600 million of debt from Highland's books.

Ashford Scores Highland's 28 Hotels in Debt Revamp Kris Hudson 2011

The restructuring finalized Thursday also resulted in Highland's first mortgage being paid down to $530 million from $700 million and extended by roughly five years.

Ashford Scores Highland's 28 Hotels in Debt Revamp Kris Hudson 2011

The visit lasted 10 minutes, but according to Highland's spokesperson, Vintage Foster, Mayor Quan said she was sorry for what happened and that the city was investigating.

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Highland's main credit hedge fund, Highland Diversified Credit Fund, ended last year up 6.4%, according to Hedge Fund Research Inc.

Europe Bulls Reap Rewards Neil Shah 2012

The visit lasted 10 minutes, but according to Highland's spokesperson, Vintage Foster, Mayor Quan said she was sorry for what happened and that the city was investigating.

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Another aspect of the deal entailed Highland's senior-most mezzanine debt, a $420 million loan held by Blackstone Group LP and Barclays PLC's Barclays Capital, getting extended by five years at a higher interest rate.

Ashford Scores Highland's 28 Hotels in Debt Revamp Kris Hudson 2011