Buckhead lodge declared in default on $46.6M mortgage stability

3 mins read

A lodge on Buckhead’s Lenox Street has been declared in default on a virtually $46.6 million mortgage mortgage stability and a sale on the courthouse steps is scheduled for Oct. 5.

The default on the Atlanta Marriott Buckhead Resort & Convention Middle at 3405 Lenox Street, throughout the road from Lenox Sq. mall, was described in a Sept. 8 authorized discover within the Fulton County Day by day Report, the county’s authorized organ. (The lodge is to not be confused with the JW Marriott Atlanta Buckhead lodge simply down the road on the nook of Lenox and East Paces Ferry Street.)

The Atlanta Marriott Buckhead Resort & Convention Middle because it appeared in a 2018 Google Earth picture.

The lodge was the topic of a $50.5 million mortgage mortgage in 2016 on a 10-year time period, in accordance with the authorized discover and actual property information. Since then, $3,944,777 of precept has been paid, leaving a stability of $46,555,223, in accordance with actual property information. In keeping with the authorized discover, the proprietor did not make month-to-month funds beginning in November 2020 “and thereafter,” triggering the default and demand to pay the whole quantity.

The proprietor and borrower is PHF II Buckhead LLC, a Delaware-based firm related with Atrium Holding Firm in Arizona. The holding firm is an affiliate of Alpharetta-based Atrium Hospitality, which owns and operates motels underneath a number of manufacturers, together with Marriott, and which lists the Lenox Street lodge on its web site as a part of its portfolio. Atrium and the lodge chain Marriott Worldwide didn’t reply to remark requests.

The lodge website because it seems in Fulton County on-line property information.

The present loan-holder is LNR Companions LLC of Florida through a belief and one other LLC, in accordance with the authorized discover. Edwin Garrison, an Atlanta legal professional representing the loan-holder, declined to remark.

Different authorized notices revealed final month referenced a money sale on the courthouse steps for Sept. 7. There isn’t a clarification of why that didn’t occur and the brand new date introduced. In keeping with the authorized discover, Marriott and PHF II Buckhead LLC have a proper of first refusal on a sale.

In March 2020, the lodge furloughed 145 workers, in accordance with an Atlanta Enterprise Chronicle report. The lodge constructing dates to 1975, in accordance with county property information, and has gone by a number of possession adjustments and rebrandings over the a long time.

Leave a Reply

Previous Story

Neguse will get Thompson Divide funding included in Home panel’s price range invoice | Western Colorado

Next Story

Automotive Accident Insurance coverage: Who’s At Fault? Who’s Accountable to Pay?