Six years after it opened, the fate of St. Louis' Renaissance Hotel is in the hands of the people who lent $98 million to get it built.
The hotel defaulted last week on a $3.5 million interest payment
, leaving bondholders to consider how they might get their money back. Their biggest weapon: They can foreclose on the 1,000-room property and take ownership, wiping out the interests of current owners Kimberly-Clark Corp. and Historic Restoration Inc.
Paul Ricotta, a Boston attorney who represents bond trustee UMB Bank, said he "can't comment on what the next steps are because that is up to a lot of people, and it involves private, confidential discussions with the bondholders."
