South Beach's Gansevoort hotel to be auctioned in foreclosure sale
Less than two years after the Miami Beach hotel opened, Lenders plan to sell ownership of the Gansevoort South in an auction next month.
On Wednesday, Credit Suisse announced an auction for the ownership stake used to secure an $89 million mezzanine loan on the 334-room Miami oceanfront hotel. Developers William and Michael Achenbaum secured the financing for the project at the height of the Miami Beach real estate boom, only to see their plans for the former Roney Palace roiled by the collapse of the condo market.
Full article...Miami Oceanfront hotel, Miami Beach real estate
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