The St. Anthony Hotel foreclosure

The St. Anthony Hotel was inundated by hundreds of phone calls from some worried mother and brides because they wanted to know if the scheduled events will take place. There are lots of parties planned to upcoming months so people are worried whether their party will take place or not. The hotel officials are calming the callers saying that the historic downtown hotel’s foreclosure won’t have any kind of influence on the weddings, banquets and parties promised to host. Mr. Green, the senior vice president of investment s with Prism Hotels and Resorts, which is handling the hotels receivership said that "The hotel has no plans of closing. It’s going in the right direction. It’s fully staffed and foreclosure does not mean closing."

The hotel was filed for foreclosure in February, with $1 million behind on payments to management company La Corsha Hospitality Group, the court documents read.

The foreclosure posting came last week, but the hotel staff members were still taking reservations. The hotel auction is scheduled on August 3. and the current holder is UBS Real Estate Securities, with Berkania Commercial Mortgage LLLLC listed as a special servicer in court documents.

"Mortgage payment and interest is deferred during receivership, so the operator of the hotel does not have the burden of paying those items. That’s positive thing for the mother of the bride" Mr. Green said. Although foreclosure is a negative word, he added, in this case can be good turn for the hotel. "This is a new cycle in its life,and it’s a fresh phase of it’s life. Generally speaking, in our industry the lenders ends up with the hotel at foreclosure and the hotel will continue to operate" Mr. Green added.

Posted by Istvan Fekete on Aug 2 2010. Filed under Hotels, San Antonio. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry