07/17/2010 05:12 am ET Updated May 25, 2011

Allerton Hotel Faces Foreclosure: Downtown Hotel 'Tapped Out'

After loading up on debt near the top of the market, the owner of the landmark Allerton Hotel is all tapped out at the bottom.

A joint venture led by San Francisco-based Chartres Lodging Group LLC has defaulted on $70 million in loans on the 443-room hotel, according to a foreclosure suit filed at the end of April.

Read more on Crain's Chicago Business