Originally Posted by
RMC500
For the few on this board that may frequent this hotel, I revive this thread only to report that today a Jacksonville newspaper (Financial News and Daily Record) reported that the property was foreclosed on by lender in 2011 and was scheduled for public auction on Jan 11, but parties have agreed to postpone sale to April 25 while owner (located in San Francisco) continues efforts to renegotiate terms. With 950 plus rooms (what was Adams Mark thinking when it built that many rooms in a small market before Hyatt rebranded the hotel 6 years ago), it's a tough situation. General manager says hotel will continue to operate as usual pursuant to a long-term lease and will not cease operations. Here's hoping it works out.
Thanks for posting this. While it's disappointing news, there isn't really any significance to us (guests at the property). It is highly unlikely that the property would close down (shuttered) since the hotel I'm sure covers it's operating costs (but probably not the mortgage payments). While it is possible that the lender or whoever the ultimate buyer is would want to change flags due to relationships etc, it's not really any different from any other regularly operating property. FWIW, I used to work in commercial real estate finance and dealt with such issues numerous times. Also, my local Mattress Run property, the HR Cincinnati, was foreclosed upon in 2010 (IIRC - but could have been 2009), and it's still operating as it always has been at least from a customer perspective.