BOCA RATON, FL—The owner of the Guest Suites Hotel here has filed for Chapter 11 bankruptcy protection to prevent a foreclosure auction on the property.
The 183-room hotel at 701 N. W. 53rd St. is owned by Shubh Hotels Boca LLC and managing member Atul Bisaria, who is under federal indictment. United Central Bank filed a foreclosure action against the hotel in 2009 and recently won a $36.2-million foreclosure judgment against Shubh Hotels Boca over its $25.1-million mortgage.
The hotel, which was formerly operated as a DoubleTree, was scheduled for an online auction on Feb. 25, but Shubh Hotels Boca filed for Chapter 11 protection on Feb. 24, according to the South Florida Business Journal.
Fort Lauderdale attorney Susan D. Lasky, who represents Shubh Hotels Boca in the bankruptcy proceedings, says she's received many calls from groups interested in buying the property.
"I'm just trying to maximize the value of this hotel," Lasky says. "Under the bankruptcy code, we can pass clean title to the buyer and sort out the financial problems later." See story in the South Florida Business Journal.
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