The judgment against GFII DVI Cardel Sawgrass, the owner of the Crowne Plaza, is $21.5 million, a figure based on an $18.6 million mortgage plus fees.

The Crowne Plaza brand is a good one, says Scott Smith, senior vice president at PKF Consulting in Atlanta. The foreclosure was probably a function of market conditions in the Sawgrass Mills area, he says, namely the addition of many new hotel rooms in 2007 and 2008, especially full service properties.

Rich Lillis, senior managing director at PKF Capital, based in Miami, says that while he doesn't have specific data on the Sawgrass area, which is in the city of Sunrise, his gut tells him that this market has been hit even harder than other Fort Lauderdale submarkets by the economic downturn. "There are too many hotel rooms," in the area, he says.