The judgment against GFII DVI Cardel Sawgrass, the owner of theCrowne Plaza, is $21.5 million, a figure based on an $18.6 millionmortgage plus fees.
The Crowne Plaza brand is a good one, says Scott Smith, seniorvice president at PKF Consulting in Atlanta. The foreclosure wasprobably a function of market conditions in the Sawgrass Millsarea, he says, namely the addition of many new hotel rooms in 2007and 2008, especially full service properties.
Rich Lillis, senior managing director at PKF Capital, based inMiami, says that while he doesn't have specific data on theSawgrass area, which is in the city of Sunrise, his gut tells himthat this market has been hit even harder than other FortLauderdale submarkets by the economic downturn. "There are too manyhotel rooms," in the area, he says.
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