Hyatt Regency Clearwater Beach Resort and Spa in foreclosure (Florida)

[seafan]

Source: St. Petersburg Times

CLEARWATER — One year after a palatial new Hyatt Regency resort debuted as an emblem of Clearwater Beach's rebirth, its developers are facing foreclosure on their $141 million mortgage.

A centerpiece of the city's $30 million BeachWalk promenade, the 17-story Hyatt Regency Clearwater Beach Resort and Spa has become a hit among vacationers aiming for one of the resort's 250 condo-hotel suites on the Gulf of Mexico waterfront.

But many prospective buyers of the condo-hotel rooms, furious over construction delays, have sued to void their contracts. Of the resort's 250 condo-hotel rooms, only eight have sold.

.....

By last year, prospective buyers had signed sales agreements for a fifth of the 250 suites, at costs between $470,000 and $1.25 million. As the condo market crumbled, dozens of buyers, including City Council member Paul Gibson, backed out.



Read more: http://www.tampabay.com/news/business/realestate/hyatt-regency-clearwater-beach-resort-and-spa-in-foreclosure/1182784

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JIM DAMASKE | Times (2010)


Buckle your seat belts for the wave of commercial foreclosures to grip the country.

[Imagevision]

1. Florida's tourist season was also weak this year...

[awoke_in_2003]

6. bad economy and BP...

screwed that up pretty good.

[titaniumsalute]

8. South Florida (PB County, Broward and Dade)

were all up this past year.

[Lint Head]

2. Oil prices ruined the economy and an BP has ruined the idea

of enjoying the Gulf Coast beaches. I know someone who just returned from there and said the beach was OK but the ocean obviously had oil residue in it and would not swim in it.

Speculators did do damage to the economy but not the deep damage that unnecessary oil price increases did. Everything we consume is transported by a vehicle that runs on a petroleum product. Everything from buying groceries to driving to the doctor was negatively impacted.

I just don't understand why these criminal acts that have done everything from damaging our country's infrastructure to causing unnecessary death have gone un-prosecuted.

[MineralMan]

3. On, I know what to do.

Have HUD buy the property from the lenders at a steep discount and turn it into low income housing. I'm salivating over the uproar from the locals if that happened. What a proper thing to do!

[Lint Head]

4. Good idea.

[KoKo]

5. They should convert them to rentals. Lot's of people would prefer

rentals rather than owning a condo now.

[FarCenter]

7. Most Hyatt's are not owned by Hyatt

Hyatt is mostly a hotel management organization. The hotel real estate is typically owned by some investor group. Associated condo developments are often owned and managed by unrelated groups.