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Midtown Hotel Site Faces Foreclosure

ATLANTA-A notice is issued to the developer of the proposed Mandarin Oriental hotel.

By Atlanta Business Chronicle | Updated on January 15, 2010

ATLANTA-The site proposed for a tony 53-story Mandarin Oriental hotel in Midtown is in danger of going back to the bank, reports the Atlanta Business Chronicle . A foreclosure auction notice was issued to a subsidiary of Tivoli Properties Inc., the proposed hotel’s developer.

A $13.5-million loan for the parcel at 1138 Peachtree St. was issued to TP 1138 Peachtree LLC by Georgian Bank, which failed last fall and was acquired by Columbia, SC-based First Citizens Bank & Trust Co. The site was acquired for $11.5 million in late 2007 with plans for a glitzy condominium/hotel project budgeted at $285 million.

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