Two Red Roof Inn properties in South Florida have been hit with foreclosure actions as part of a securitized lender’s move to repossess up to 52 of the company’s hotels.
As the representative of a commercial mortgage-backed securities (CMBS) fund managed by Miami Beach-based LNR Partners, DMARC 2007-CD5 LeJeune Road filed a foreclosure lawsuit against R-Roof IV and R-Roof V, according to Miami-Dade County Circuit Court records. It concerns the 201-room, 83,765-square-foot hotel at 3401 N.W. 42nd Ave. (LeJeuene Road).
In Broward County, DMAC 2007-CD5 Powerline Road filed a foreclosure lawsuit against R-Roof IV and R-Roof V over the 38,320-square-foot hotel at 4800 N.W. Ninth Ave. (North Powerline Road).
Miami attorney Michael Kreitzer, who represents the CMBS fund in both lawsuits, did not immediately return a call seeking comment.
The defendants are managed out of Columbus, Ohio, where Red Roof Inn is headquartered. A call to a company spokeswoman was not immediately returned.
Both hotels were secured by a $310 million mortgage covering multiple Red Roof Inns in 2007, according to county records. Loan documents say $30.8 million of that loan secured Florida hotels.
According to data from CMBS analysis firm Trepp LLC, Red Roof Inns has $358.5 million of securitized debt among four securitized funds. Of that, $101.2 million is in foreclosure and the rest is more than 90 days past due, Trepp indicated.
The CMBS fund that holds the loan to the Red Roof Inns in Miami and Fort Lauderdale has 52 properties. Trepp listed the loan status as foreclosure. The only other Florida property covered by that loan is the Red Roof Inn on Horace Avenue in Tampa. It is facing a foreclosure lawsuit, as well.
Red Roof Inns also has franchise locations, so not all of the hotels under its flag are secured by troubled loans.
As the representative of a commercial mortgage-backed securities (CMBS) fund managed by Miami Beach-based LNR Partners, DMARC 2007-CD5 LeJeune Road filed a foreclosure lawsuit against R-Roof IV and R-Roof V, according to Miami-Dade County Circuit Court records. It concerns the 201-room, 83,765-square-foot hotel at 3401 N.W. 42nd Ave. (LeJeuene Road).
In Broward County, DMAC 2007-CD5 Powerline Road filed a foreclosure lawsuit against R-Roof IV and R-Roof V over the 38,320-square-foot hotel at 4800 N.W. Ninth Ave. (North Powerline Road).
Miami attorney Michael Kreitzer, who represents the CMBS fund in both lawsuits, did not immediately return a call seeking comment.
The defendants are managed out of Columbus, Ohio, where Red Roof Inn is headquartered. A call to a company spokeswoman was not immediately returned.
Both hotels were secured by a $310 million mortgage covering multiple Red Roof Inns in 2007, according to county records. Loan documents say $30.8 million of that loan secured Florida hotels.
According to data from CMBS analysis firm Trepp LLC, Red Roof Inns has $358.5 million of securitized debt among four securitized funds. Of that, $101.2 million is in foreclosure and the rest is more than 90 days past due, Trepp indicated.
The CMBS fund that holds the loan to the Red Roof Inns in Miami and Fort Lauderdale has 52 properties. Trepp listed the loan status as foreclosure. The only other Florida property covered by that loan is the Red Roof Inn on Horace Avenue in Tampa. It is facing a foreclosure lawsuit, as well.
Red Roof Inns also has franchise locations, so not all of the hotels under its flag are secured by troubled loans.
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