Francis today:

Now we know how the decision to walk away affected Hyatt: It made money, at least on paper.

It took a $35 million accounting gain, which was most of its third-quarter pre-tax profit.

All in all, not a bad outcome for a “strategic default,” to borrow a phrase from the Fannie Mae executive we cited in our previous post on this hotel.

Indeed.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.