The on-again, off-again foreclosure sale of the Hyatt Regency Jacksonville Riverfront Hotel is back on again.
Duval County Circuit Court records show a foreclosure sale of the Downtown hotel is scheduled for 11 a.m. Feb. 6.
This is the third time a sale has been scheduled in the foreclosure lawsuit against the owners of the Hyatt since the case was originally filed in November 2010.
Previous sales scheduled for January 2012 and last May were canceled to give the hotel owners a chance to try and renegotiate the loan.
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.
After several months with no action in the court case since the May foreclosure sale was canceled, U.S. Bank filed a new motion last month to reschedule the sale. That motion was granted on Jan. 3.
"My client has decided to move forward with the foreclosure sale," said an email by James Riley, an attorney at the Rogers Towers firm in Jacksonville, who is representing U.S. Bank in the case.
Riley referred further questions to Dan King, general manager of the 963-room Hyatt.
King said the ongoing foreclosure case has not affected operations at the hotel. He also said he has no information about the foreclosure sale but no matter who ends up owning the hotel, it will remain affiliated with the Hyatt chain.
"Hyatt Corp. has a long-term agreement that will remain in place even if the hotel changes hands," King said.
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.
The foreclosure shows that the owners had a $150 million mortgage on the property. With interest and fees, the total judgment against the owners was $195.5 million.
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