Mixed-use developer Millennium Partners has sold a two-thirds ownership interest in three of its luxury hotels to real-estate investor Westbrook Partners for $100m, in a deal that saves the Four Seasons San Francisco from possible foreclosure.

As part of the deal, Westbrook this month paid $35m of the Four Seasons San Francisco's $90m securitised mortgage, ending a months-long standoff between the mortgage's special servicer and Millennium, which had sought to redo the loan's terms.

Wall Street Journal