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Friday, August 13, 2010

Sales of Miami Hotels Increasing

The Traymore Hotel in South Beach can be added to the list of Miami Beach hotels hit with foreclosure this year.

On July 28, the 13 story hotel in South Beach on 24th Street and Collins Avenue was hit with a foreclosure suit in Miami federal court by OSM-REO Traymore, an affiliate of Minneapolis-based Marshall Investments. The 46,149 square foot Traymore Hotel was built in 1939 and then bought by Ceebraid-Signal in 2001 for $6 million.

Celebraid-Signal had plans to renovate the Miami commercial property which was schedule to reopen in the summer of 2011.  The hotels website stated that the renovations would include a spa, rooftop meditation garden and a new restaurant by Michelle Bernstein.There are numerous vendors listed in the lawsuit against CSC Traymore with claims over work done for renovations.

The Miami commercial property had a mortgage on the made for $25.1 million in 2005 with $12.2 million remaining on the principal balance, according to the complaint. When loan matured in November 2007, CSC Traymore defaulted because it didn’t repay the loan and it owes a combined $418,210 in county property taxes for 2008 and 2009.

The complaint also names Pilgrim Mortgage Corporation, based in Connecticut, gave CSC Traymore an $8 million second mortgage in February 2009 and was also named in the complaint.

The Mayfair Hotel and Spa in Miami and the Brazilian Court Condo Hotel in Palm Beach are other hotels in South Beach that Ceebraid-Signal own.

The Shore Club, the Royal Palm Hotel, the Sagamore Hotel and the Carlton Hotel are other hotels in South Beach facing foreclosure.

Call MLR Realty at: 1-305-673-3303 to speak with a Miami Beach real estate agent that specializes in hotels in South Beach or other Miami commercial properties for sale.


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