Distressed Florida Hotel Headed to Foreclosure Auction
A historic hotel with distinctive Spanish Mission-style architecture, located 70 miles Northwest of Disney World, Orlando is heading to court-ordered foreclosure auction on January 21, with no minimum bid. Ocala, Florida's The Ritz Historic Inn, a hotel in need of renovation and rehab work, is listed on the National Registry of Historic Places, according to a press statement from Tranzon Driggers, the auction firm handling the sale. The 85-year-old building was originally built as an apartment complex in 1925, expanded in 1951, renovated in the '80s and eventually converted into a hotel. Most recently the property is in use as a hotel with a $1.2m taxable value, with singles starting at $60 a night. According to the Web site for the auction firm, the property -- located on a 2.46-acre lot -- is subject to more than $20,000 of property taxes without any exemptions. The Ritz sale is scheduled to take place on-site, rather than the courthouse steps, where foreclosure auctions usually take place. There is no minimum bid on the property, and the winning bidder will only be required to provide 10% down, with the remaining balance due on or before Feb. 22, 2010. The distressed commercial real estate auction is one of what may turn out to be a wave of investment transactions that come to market in 2010. Real estate services and investment firm Grubb & Ellis (GBE) projects CRE investment transaction volume will grow as lenders and servicers begin working through distressed assets. Write to Diana Golobay.