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Hotel Hits & Misses

With the 607-room InterContinental opening in Times Square this summer (the biggest new ground-up hotel since the Westin debuted in 2002), the Times looks back on Manhattan's hotel boom and its overreaching. Of course the paper picks on an old friend, the Cooper Square Hotel (right): "In December, WestLB A.G., a German lender, sued to foreclose on its $52.3 million loan to the Cooper Square Hotel, a 145-room boutique hotel with several other layers of debt, which opened in late 2008 near Astor Place. 'It's a great example of a hotel that was built with way too much money,' Mr. Burwell said. He said that the rooms were small and cost about $828,000 each to build." [NYT]