That strategy means the sale is delayed until the bankruptcy court judge allows it to go forward, a process that could take up to two years, bankruptcy lawyers familiar with comparable cases tell GlobeST.com.
The hotel's owner, Orlando Hyatt Hotel Associates LP of Rockville, MD, is contesting the $29.5 million amount owed to LaSalle Bank of Chicago.
The bank won an Orange Circuit Court judgment in Orlando for that amount in January after the hotel's owner missed making a monthly mortgage payment. The bank is among the lead bidders for the property, two miles from the front gate of Walt Disney World.
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.
