A former downtown Baltimore office building that was being converted to a Staybridge Suites Hotel is scheduled to go on the auction block Nov. 30. The foreclosure sale will be held on the site of the 11-story Jefferson Building at 101 N. Charles St., according to auctioneers GoIndustry DoveBid. In August, a U.S. Bankruptcy Court judge cleared the way for lender RL BB Financial LLC to foreclose. Work on the hotel stalled during the financial downturn, but the lender was prevented from foreclosing after the developer, 101 Charles Street LLC, filed for Chapter 11 bankruptcy protection in August 2010.The developer had a nonbinding letter of intent from the InterContinental Hotels Group, a management company for the Staybridge Suites brand, but completed only about half the renovations before running into financial trouble. No work has been done since 2009.
I am familiar with the Baltimore market, and I believe any hotelier interested would be getting a good opportunity in a growth market.
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