RICHARDSON, Texas – CU Liquidity Services, the CUSO owned by Texans CU that is troubled by far-flung member business lending around the country, sold the DoubleTree Wilmington, a 217-room hotel in Wilmington, Del., last week for $12 million.
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Losses at the Texans MBL CUSO on commercial projects in Illinois, Mississippi and Texas helped push the one-time $2 billion credit union deep into the red and prompted NCUA to take it under conservatorship in April. CU Liquidity Services was formerly known as Texans Commercial Capital.
The Delaware hotel was sold to a joint venture between Driftwood Hospitality Management and AGRE U.S. Real Estate Fund, a real estate investment fund managed and advised by an affiliate of Apollo Global Management.
