Hotel co-owners Crico of Orlando Inc. of Bethesda, MD and Orlando Hyatt Hotel Associates owe LaSalle $29.5 million, according to the foreclosure suit filed by LaSalle in Orange Circuit Court. The owners borrowed $25.6 million in 1995. Late penalties and accrued interest brought the debt to $29.5 million.
The hotel had enjoyed average occupancy rates in the mid-80s and higher until 9-11. After the terrorist attacks in New York and Washington, DC disrupted tourist air travel, occupancy at the hotel plummeted to under 10%, according to area hotel consultants who monitor the industry weekly.
Hyatt Orlando's 400 employees continue to staff the hotel on its regular operating schedule. Pritzker Properties of Chicago manages the hotel on a 20-year contract.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
