CEX to auction more than $400 million in loans and REO assets
June 7, 2010
(Hotelworld Network) – Carlton Chairman Howard L. Michaels has announced that CEX has been retained to auction hospitality loans and REO assets located in excellent Florida locations. The assets include hotels and motels totaling 272 rooms with outstanding locations proximate to the beach and heavily traveled locations in Florida.
One of the unique aspects of this auction is that potential buyers can view the asset and bid on a first come, first serve basis through the CEX REO MLS Exchange. This Carlton-created platform allows bidders to bid on each property in a timeframe which is comfortable for investors. This is a tremendous advantage for bidders as they don’t have the pressure of having to bid on a tight, sealed bid timeframe.
Following are a few highlights for some of these prime loans secured by Florida assets:
• Quality Inn Sawgrass Conference Center: A full-service hotel with 180-rooms, a 150-seat restaurant, a 450-person capacity cocktail lounge and a 16,517 square foot meeting/banquet space. The property also contains an outdoor swimming pool and outdoor parking, which accommodates 302 vehicles. The hotel is centrally located just 10 miles from the Ford Lauderdale-Hollywood International Airport and is 11 miles from the Port Everglades cruise port.
• Avalon Waterfront Inn / Ocean Wave: This is an excellent opportunity to obtain three separate loans, which in total encompass four lots with a potential to acquire all five lots on the same block. The two loans are secured by three Waterfront Inn motel buildings. The fourth lot is secured by the Ocean Wave building. The four buildings consist of 70 rooms, whose revenue generation may offset the cost to carry the property until traditional hotel development becomes more attractive in the market. The subject parcels are located between the Trump International Hotel & Tower and the Hilton Beach Resort on Fort Lauderdale Beach. A previous developer had received approval from the City to complete a 22-story resort of roughly 375,000 square feet, including a 328 room hotel with retail and banquet space on the five aforementioned lots. All lots are offered in the form of a 1st Mortgage, with the exception of the fifth lot (E), which is a 3rd Mortgage.
• Hallandale Beach Motel: This 23,618 square foot site is improved with a 22-room motel. The building contains 7,416 square feet and was constructed in 1946. The subject is located on North Federal Highway in Hallandale Beach, FL. The immediate neighborhood is fully developed with a diverse mix of uses, including office and retail along Federal Highway which is an established commercial corridor.
To view all of the due diligence data and summary information for each of these outstanding assets, please go to www.carltonexchange.com and view the “$400 Million – Non-Performing 1st Mortgage Loan & REO Multi-Family, Retail, Hospitality, and Land Auction”.
For information regarding this exceptional auction, please contact Joe Korbar, Managing Director, Justin Piasecki, Vice President, or Robert Hall at (866) 800-5111
