The Sept. 11 terrorist attack and a soft tourism season following the New York and Washington, DC catastrophes sharply sliced occupancy and revenue at the hotels, leaving over-leveraged properties in a financially vulnerable state.
Industry insiders doubt the governor and his Cabinet will agree to an executive order but tell GlobeSt.com a creative extension strategy may still be worked out from Tallahassee.
Published industry figures note at least $700 million of loans made nationally by lenders to hotels are delinquent. About one quarter of that total, or about $175 million, are delinquent in the Orlando area.
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