Investors in Anthony Scaramucci’s Virgin Hotel in New Orleans are expecting a total loss after an appraisal halved the property’s value.
The hotel is being listed for sale by Scaramucci’s SkyBridge Capital, as it wasn’t able to secure a new lender to refinance after JLL valued it at roughly $43M in September, a deep cut from $94M that a consultant valued it at in December, Bloomberg reports. 
SkyBridge Capital said in a letter to its clients that if the property sells for $43M, they “will likely suffer a complete loss of invested capital.”
The property is owned by SkyBridge Opportunity Zone Real Estate Investment Trust, which Scaramucci launched in 2018 to invest in opportunity…