That strategy means the sale is delayed until the bankruptcy court judge allows it to go forward, a process that could take up to two years, bankruptcy lawyers familiar with comparable cases tell GlobeST.com.
The hotel's owner, Orlando Hyatt Hotel Associates LP of Rockville, MD, is contesting the $29.5 million amount owed to LaSalle Bank of Chicago.
The bank won an Orange Circuit Court judgment in Orlando for that amount in January after the hotel's owner missed making a monthly mortgage payment. The bank is among the lead bidders for the property, two miles from the front gate of Walt Disney World.
Pritzker Properties of Chicago, owner of the Hyatt hotel brand, manages Orlando Hyatt under a 20-year contract. The hotel continues to do business as usual with its 400-worker staff while the court actions unravel.
The hotel, one of the earliest-built lodges along the tourist corridor on U.S. 192 at Interstate 4, had enjoyed occupancy rates in the mid-80s and higher until 9-11.
After the terrorist attacks in New York and Washington, DC disrupted tourist and business air travel, occupancy at the hotel plummeted to under 10%, according to area hotel consultants who monitor the industry weekly.
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