02/06/2013
by Mark Basch, Contributing Writer
Once again, a planned foreclosure sale of the Hyatt Regency Jacksonville Riverfront Hotel has been postponed.
The 963-room hotel was scheduled to be auctioned off today in Duval County Circuit Court, but the sale was postponed for at least 30 days to allow the owner to continue negotiations with its lender, according to court documents.
The hotel is owned by Oxford Jacksonville Riverfront Hotel LLC, a partnership led by a San Francisco hotel investment firm called Chartres Lodging Group LLC.
U.S. Bank N.A., as trustee for the lenders on the property, was awarded a $195.5 million judgment against Oxford Jacksonville in August 2011 in the foreclosure case originally filed in 2010.
According to a motion filed Monday by U.S. Bank in Circuit Court, both Oxford and the lenders agreed to a 30-day forbearance period and "believe it is in the best interests of the parties not to conduct the foreclosure sale currently scheduled for Feb. 6, 2013."
This is the third time a scheduled foreclosure sale for the Hyatt has been postponed to give the owner time to try and renegotiate the loan. The previous sales were scheduled for January 2012 and May 2012.
The hotel originally opened as an Adam's Mark hotel in 2001 and was owned by the Adam's Mark chain's parent company.
Oxford Jacksonville bought the hotel at 225 E. Coastline Drive and 122 S. Newnan St. for $67 million in 2005, according to property records. The hotel was then converted to a Hyatt.
mbasch@baileypub.com
(904) 356-2466
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