SADDLE BROOK, NJ—The former Holiday Inn hotel here that was to open soon as a Crowne Plaza, is being sold in connection with a $72.8-million lawsuit filed against the property owner, who also faces criminal fraud charges.

Building owner Nikesh Patel of Orlando, FL, according to a consent agreement, will sell his portfolio of five hotels, including the 148-room hotel at Kenny Place in Saddle Brook. Patel and his Alena Hospitality LLC acquired the leasehold on the property in July 2013 for $1.6 million. Since the deal, the property has undergone an extensive renovation, according to The Record.

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