02/14/2013
by Mark Basch, Contributing Writer
The foreclosure sale of the Hyatt Regency Jacksonville Riverfront Hotel is back on again – at least for now.
The most recent court filing shows a foreclosure auction is scheduled for March 13 by the Duval County Circuit Court. However, a foreclosure sale has been scheduled three previous times since January 2012 and the auction was postponed each time to give the owner another chance to try and renegotiate the loan.
Most recently, a sale of the 963-room Hyatt scheduled for Feb. 6 was postponed by the court on Feb. 5 to give the parties 30 days to continue negotiations. However, a new notice of sale was filed just three days later, scheduling the auction for March 13.
The Hyatt property is owned by Oxford Jacksonville Riverfront Hotel LLC, a partnership led by a San Francisco hotel investment firm called Chartres Lodging Group LLC, which bought the hotel in 2005.
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.
mbasch@baileypub.com
(904) 356-2466
DIA wants time to study Hemming