In only two years, a high-profile Miami Airport hotel has been reflagged from a Radisson to a Sheraton to a Doubletree to a Foreclosure. According to the Daily Business Review, the 334-room hotel will be sold at a auction on July 30, but analysts doubt interested parties will pay anything close to the $59 million currently owed in principal, interest and fees. According to Real Capital Analytics, South Florida is currently home to $3.3 billion in troubled commercial real estate loans and $1.8 billion in delinquent loans.
Thursday, July 2, 2009
Foreclosure Auction for MIA Hotel
In only two years, a high-profile Miami Airport hotel has been reflagged from a Radisson to a Sheraton to a Doubletree to a Foreclosure. According to the Daily Business Review, the 334-room hotel will be sold at a auction on July 30, but analysts doubt interested parties will pay anything close to the $59 million currently owed in principal, interest and fees. According to Real Capital Analytics, South Florida is currently home to $3.3 billion in troubled commercial real estate loans and $1.8 billion in delinquent loans.
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1 comments:
Great post!!
Thanks for sharing.
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