“Big Loan”, big problem
Rob “Big Loan” Verrone was the banker with the big name behind the 2007 acquisition of now-bankrupt Extended Stay.
His nickname was trumpeted in the hotel chain’s 2007 press release detailing the deal — in retrospect perhaps not the best quality to shout about.
Big Loan, described as one of three who provided the mortgage and mezzanine financing, moved on from Wachovia according to a Wall Street Journal report last year, and we couldn’t immediately track him down for comment.
Extended Stay filed for bankruptcy today after being saddled with too much debt during the economic crisis.
The one party which did come out looking good was Blackstone, which sold out of the deal two years before it cratered.