For many foreign bankers who remain here, much of their time is absorbed with loan problems, primarily hotel loans that need to be renegotiated because the debtors have not been able to meet their obligations.
It improved conditions for tourists by granting small loans to hotel, motel and cottage owners to upgrade their facilities.
Jones is one of the richest men in Tennessee, "clearing $20 million a year post-taxes making loans to hotel housekeepers, home health care workers and others barely getting by each month," according to the journalist Gary Rivlin, whose 2011 book, "Broke USA," illuminated some of the dark corners of the predatory lending world.
Beyond that, it holds thousands of smaller loans on hotels, restaurants, office buildings and even car-repair shops.
Christian Wulff, who was Merkel's candidate for the presidency when elected less than two years ago, quit after two months of allegations he received favours such as a favorable loan and hotel stays from friends when he was governor of Lower Saxony state.
This estimate is likely to underestimate the extent of the exposure of financial institutions to the real estate sector as it does not include items such as equity stakes banks and Cajas had in real estate developer and construction companies, as well as loans to hotels, which are likely to be closely linked to the situation in the real estate sector.
He added that in the last 18 months these lenders had not been able to resell their hotel loans.
In a statement, Mr. Masters said he had made the loans to the hotel to keep it open during a cash squeeze.
Various agencies have shelled out about £24m in grants and loans to refurbish hotel and guest house accommodation and to help businesses market themselves.
In August 2008, Mr. Macklowe's longtime lender, Deutsche Bank, sued to foreclose on loans for the hotel site and for nearby properties.
