Marathon Asset Management  agreed to partner with the Hyatt hotel chain last month to buy out Ian Bruce Eichner, keeping the Cosmopolitan Resort and Casino alive.

A new move by the senior lender to the project, Deutsche Bank, puts that buyout in jeopardy. Deutsche Bank filed a notice of foreclosure.

Marathon, a global hedge fund based in New York, and Hyatt planned to finance the remainder of the project, and they still could buy out Eichner’s interest, but the foreclosure notice indicates that Deutsche Bank wants to entertain other offers, too. The project is scheduled to open in 2009.

By Casino Connection Staff