"It's obviously a buyer's market," Louis B. Fisher III, chief executive officer of Pompano Beach, FL-based Fisher Auction, tells GlobeSt.com. "When I say that I mean buyers are very active in the market, which translates into a very strong seller's market."
West Palm Beach-based WPB Innkeepers filed a petition with the bankruptcy court last June, listing a mortgage totaling $7.2 million, a second mortgage totaling $550,000 and unsecured debt of $250,000.
"The sale was not contingent on the ability to transfer the Marriott franchise agreement," Brian Rich, an attorney with the Miami-based law firm Berger Singerman who represented the debtor, tells GlobeSt.com.
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