Loan modification sought for Cape Hampton Inn and Suites
July 27, 2010
Bank of America has filed a pending foreclosure suit against the Hampton Inn and Suites in Cape Coral, according to records from the Lee County Clerk of Courts.
Borrowers for the local hotel include three principles, Elmer Tabor, Fred Hirschovits and Greg Eagle and Cape Hotel Suites, LLC, according to those records. The suit was filed in June and although technically could result in Bank of America taking ownership of the hotel, Tabor said the owners are in negotiations for a mortgage modification.
“We are in a very friendly mortgage modification discussion,” said Tabor.
The foreclosure process in Lee County can take as long as 18 months, he said, but expectations are that the issue will be settled in a minimum of three months.
“They would be a lot better off to negotiate with us to keep the hotel and keep moving forward,” said Tabor. “Our main intention is to work with the borrower and work this thing out.”
Tabor declined comment on how much the hotel is worth or what they are planning to negotiate within the suit, but records from the Lee County Clerk of Courts classify it as commerical foreclosure over $250,000.
“The good news is the economy is definitely turning and we are seeing the hospitality industry getting a better occupancy rate throughout th country as well as the local market,” he said.