Hotel Burnham misses interest payments

The owner of the Hotel Burnham in the Loop stopped making interest payments on a $36M loan, joining a growing list of local hotels that ran into loan trouble. The drop-off in business & leisure travel this year has sent occupancies & room rates plunging at Chicago-area hotels, leaving many with little cash flow to cover loan payments. The victims now include the Burnham, a historic 122-room hotel at 1 W. Washington St. owned by a joint venture between Chicago developers Dan McCaffery & E. Barry Mansur.