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Downtown Hotel Headed for Auction

ORLANDO-A foreclosure sale is set after the owner is unable to emerge from bankruptcy.

By Carl Cronan | Updated on August 18, 2009

ORLANDO-Downtown’s Sheraton hotel is headed for the auction block next month since its owner has failed to come up with a plan to emerge from bankruptcy, according to the Orlando Sentinel . The hotel at Interstate 4 and Lake Ivanhoe is scheduled for a Sept. 3 foreclosure sale. Its owner, CF Hospitality Inc., said it is not generating enough cash flow to cover all of its bills.

George Zaczac, owner of CF Hospitality, owed $70 million on the Orlando hotel and a sister property in Miami when he filed for protection from creditors in US Bankruptcy Court last year. Both properties were operating at a loss, and courtroom testimony in Orlando painted a bleak picture of the Sheraton’s prospects.

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