The bank is selling its mortgage on the Viceroy Anguilla to Starwood Capital Group at a hefty discount, the latest example of capitulation by a bank that has nursed a troubled real-estate project for years.
Morris Bailey and Dennis Gomes are paying $35 million for Resorts Atlantic City, at a time when gambling revenue is declining and customers are being siphoned off to Pennsylvania venues.
Real-estate funds saddled with boom-time properties are getting relief from Wall Street firms and other investors hoping to capitalize on their need for cash.
The Dutch company's expansion has yielded disappointing results due to the weak economy, competition and the difficulties of exporting Western shopping concepts to a country steeped in different traditions.
