The hotel listed $1.3 million in cash on hand, enough money to continue operating the property at 1850 Hotel Plaza Blvd. The hotel leases the land from Disney and says its payments to Disney are current, according to the bankruptcy petition. The property opened in 1972 as the Americana Dutch Resort.
The hotel's major creditor is New York-based and Tokyo-owned Orix Credit Alliance, which asked a state circuit court to foreclose on the property in June 2003 when the $49.9 million mortgage note fell into default, according to court records.
Grosvenor Orlando Associates bought the hotel in 1986 for $33 million or about $52,716 per room. The owner's most recently commissioned appraisal values the property at about $50 million or about $79,872 per room, say hospitality industry brokers close to the situation.
"From what everybody seems to know about this hotel's operations, it is in relatively good health," an Orlando hotel broker tells GlobeSt.com.
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