WTF Happened?

Fourteen months ago, the W Hotel was the hottest property in the city. Today it has filed for bankruptcy protection.

“And you’re familiar with his statement that ‘You are what your record says you are’?”

“I’m not familiar with that, no.”

“Well…if you compare your sales, frankly, versus your projections, the W has not been the beneficiary of an increase in sales price, and it has not met its minimum sales prices for the sales that have closed in the last four months, isn’t that correct?”

“Not yet.”

“No further questions.”

WHILE BY PRESS TIME JUDGET Feeney had yet to rule on Prudential’s request to lift the Chapter 11 protection, it’s almost a certainty she’ll deny it and side with Sawyer. In a separate ruling, she extended to March the deadline for the developer to present a plan to pay off its creditors. It seems unlikely that she would allow Prudential to collect on the debt before then. “We’re planning our restructuring plan right now,” says Carol Sawyer Parks. “My family has invested a lot in the city of Boston, and we’re committed to keeping this a locally owned property for the long haul.”

The most important thing for Sawyer, of course, is to start selling more condos. For that to happen, though, the W has quite a challenge ahead of it: to convince skeptical Bostonians that their one-night stand is worthy of a full-fledged relationship.