hotel foreclosures

Foreclosed Dallas Hotel Gets New Owner

The Le Meridien Dallas North Hotel has a new owner. The Dallas Morning News reports that HEI Hotels & Resorts of Connecticut bought the hotel last week at a foreclosure auction. The luxury hotel has remained open during the transition. It was listed for foreclosure for several months. The former owner APHM-ND LP of California defaulted on original $32 million loan. The new owners bid $17 million for the property.

The 258-room hotel has been designed with a chic and contemporary decor. Each room has a 42" HDTV, iPod docking station and Jack Pack, providing you the ability to view your laptop screen from your 42" TV. All rooms feature wireless and hardwire internet access and laptop-sized safes with electricity. The Le Méridien signature beds are outfitted with Frette sheets and rooms offer full size sofas and sitting areas. The hotel has a 24-hour business center, fitness center, indoor heated swimming pool/whirlpool, fine dining restaurant, atrium bar and concierge services.

HEI Hotels & Resorts of Connecticut has picked up a total of four hotels in 2010 and owns a large portfolio of properties managed by Marriott, Sheraton, Westin, Le Meridien, Embassy Suites and Hilton.

Tags: dallas, foreclosure, hei hotels, hotel foreclosure, hotel foreclosures, hotels, le meridien

W Boston Hotel and Residences Facing Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels, Real Estate Developments

Another hotel is in trouble. The developer behind the 28-story W Boston Hotel and Residences in downtown Boston has filed for bankruptcy protection. The Boston Globe reports that documents filed in US Bankruptcy Court in Boston by SW Boston Hotel Venture LLC, a subsidiary of Sawyer Enterprises, show liabilities of $100 million to $500 million. The City of Boston itself gave the developer a $10.5 million loan a few months back to help it finish building the $234 million project. The complex opened in October, not exactly a perfect time in the struggling condo real estate market. Only around 10 percent of the building's 122 condominiums have been sold. The Globe reports that W units have sold for as much as $1.9 million for a three-bedroom and $345,000 for a studio.

The W Hotel has 235 hotel rooms on its first 15 floors with rooms that cost more than $300 a night. Hote occupancy rates are still down in Boston because of diminshed tourism. As is usually the case in these situations, the hotel operations are not affected by the filing.

Tags: boston, hotel foreclosure, hotel foreclosures, hotels in trouble, w hotel boston

W Union Square Saved From Second Foreclosure Sale

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A few months ago Dubai-based Istithmar lost control of the W New York Union Square hotel during a foreclosure auction. One of the property's lenders LEM Mezzanine was named the winning bidder for just $2 million but taking on $212 million in debt. Now the entity formed by LEM Mezzanine, Hotels Union Square Mezz 1 LLC, has filed for bankruptcy to avoid a second foreclosure auction.

DekaBank Deutsche Girozentrale, which held a $60 million loan on the property, was planning to foreclose on the property on Wednesday. Crains reports that Hotels Union Square Mezz 1 reported debts of between $100 million and $501 million. A spokesperson for LEM said that the company is still working on restructuring the hotel's debt. The 20-story hotel, which opened in 2000 was bought by Istithmar in 2006 for $285 million.The hotel remains open for business and is currently offering a special of rates from $289 per night for arrivals Thursday - Saturday.

Tags: hotel foreclosure, hotel foreclosures, hotels in trouble, istithmar, Istithmar World, new york, union square, w hotel

Hudson Valley Resort & Spa Files Chapter 11

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Another hotel has hit our hotels in trouble radar. The Hudson Valley Resort & Spa in Kerhonkson, New York is saddled with $26 million of debt and has declared bankruptcy hoping to avoid foreclosure. The Times Herald-Record reports that the owners of the resort filed Chapter 11 back in January around the same time that their biggest lender finished a foreclosure case against them. Chapter 11 bankruptcy could give the owners time to reorganize and keeps the bank from being saddled with a property it doesn't really want. The 332-room resort remains open.

The current owners purchased the hotel in 2006 for $18.5 million (it is currently valued at $5.8 million) Their plans for the property including making it a Marriott-branded hotel and adding 300 vacation homes to the property. They also contracted golfer Vijay Singh to redesign the resort's 18-hole golf course but none of these plans materialized. The resort is the biggest private employer in this small town with 150 people. The hotel also owes the Town of Rochester nearly $40,000 in taxes. The Times Herald-Record article has a quote from a former owner who went bankrupt on the hotel in 1997 and says the current owners paid too much for it. The amount of debt that the hotel is carrying will make a potential recovery an uphill climb.

Tags: hotel foreclosure, hotel foreclosures, HotelForeclosure, HotelForeclosures, hotels in trouble, HotelsInTrouble, hudson valley resort and spa, HudsonValleyResortAndSpa

Four Seasons Dallas Headed For Foreclosure?

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Breaking info from the Dallas Morning News, it looks like lenders are looking to foreclosure on the Four Seasons Resort and Club Dallas at Las Colinas, a massive 400-acre hotel, spa and golf club in Irving, Texas. The five-star resort has an over 430-room hotel, two restaurants, lounge bars, a TPC golf course and the finest sports club and spa in the Dallas area. Last summer the resort completed a $60 million project with a new sports bar, family pool, and tennis show-court.

U.S. Bank NA is has pushed for a foreclosure sale on February 2 to force repayment of a $183 million loan on the property. It's a huge foreclosure for the area and one that has been in the works for a while as the borrowers, BentleyForbes missed payments and tried to negotiate with lenders. BentleyForbes has owned the resort since 2006 and Four Seasons operates the facility. As is usually true in these cases there has been no alteration in the daily operations of the hotel. The resort is the latest in a series of hotel foreclosures around the nation.

Tags: dallas texas, DallasTexas, four seasons dallas, FourSeasonsDallas, hotel foreclosure, hotel foreclosures, HotelForeclosure, HotelForeclosures, hotels in trouble, HotelsInTrouble

Historic Florida Inn For Sale In Foreclosure Auction

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

A Florida landmark will go up for foreclosure later this month. The Ritz Historic Inn, an 85-year-old Ocala, Florida landmark on the National Registry of Historic Places, will go up for auction on January 21 through the auction firm Tranzon Diggers. A local lender holds the mortgage but opted not to take possession of the property. The auction will take place at the Ritz and a potential buyer must provide ten percent down with the total due a month later.

The new owner will get a 36-room hotel which was built in 1925 as Ocala's first true apartment complex. Each of the Ritz's 16 original apartments had five rooms and a private garage. The entire property was renovated in the 1980s and now has 32 guest suites, a pool, spa and fountains. it is on 2.5 acres and includes a bar and entertainment facility as well as a pavilion and a gazebo. The listing says the property is in need of some repair. Bidders can check out the property at two viewing appointments, January 7 and 14 -- at 11AM.

Source

Tags: hotel for sale, hotel foreclosure, hotel foreclosures, HotelForeclosure, HotelForeclosures, HotelForSale, ocala, ritz historic inn, RitzHistoricInn

Artisan Hotel In Las Vegas Faces Foreclosure

by Deidre Woollard (RSS feed) —

The Artisan Hotel & Spa in Las Vegas has become the latest to succumb to foreclosure. The modest 64-room property is an off-the-beaten-track favorite with locals and is known for its framed art and hip decor. It does not have a casino and is located at Sahara Avenue and Interstate 15.

The Las Vegas Sun reports that the hotel had filed for Chapter 11 back in December 2008, listing assets of $18.3 million (mostly the value of the hotel real estate) and liabilities of $7.85 million. The main creditor was the Citizens Bank of Oregon, Mo. The hotel struggled to turn a profit and later the bankruptcy case was combined with another bankruptcy case for the co-owner's other Artisan hotel in El Paso. Texas. Earlier this month the IRS asked that the Chapter 11 cases become Chapter 7 cases forcing a liquidation because the company failed to file federal employment tax returns and tax deposits since the bankruptcy cases were filed. A receiver will be appointed to operate the property until the foreclosure sale.

The hotel has many fans but has also had an ongoing problem with service. Reviews on travel website Trip Advisor are very polarized, people either loved this place or had serious issues with the service and room standards.

Tags: artisan hotel, ArtisanHotel, hotel foreclosure, hotel foreclosures, HotelForeclosure, HotelForeclosures, hotels in trouble, HotelsInTrouble, las vegas, LasVegas

W Hotel Scottsdale Out Of Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

We write about hotels when they enter foreclosure and its nice to see that some of them get out of it too. The W Scottsdale hotel in Arizona has announced a resolution to its battle with contractors and with its lender HSH Nordbank AG. The hotel's developer, Los Angeles-based Triyar Cos., has paid off the hotel's $82 million mortgage for an undisclosed amount. Lawsuits between Triyar, Nordbank and general contractor Hunt Construction Corp. were dropped. The Wall Street Journal reports that Triyar Chief Executive Michael Mahoney said that hotel is the first to "successfully come out of the situation with the whole project restructured without the need for bankruptcy or foreclosure." It's a pretty neat feat at a time when the number of hotels in foreclosure is reaching an unprecedented height. Details on how Triyar did it haven't been revealed but Mahoney said the developer put together money and an outside investor chipped in. The hotel remains open and has a variety of special offers available include an offer that when you stay two or three nights the second or third night will be charged at a rate equal to your birth year (for example, if you were born in 1970, your first night would be $269 but your second night is only $70).

Gallery: Hotels In Transition