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Clearwaters Hotel has a New Owner
Friday, April 27th, 2012 -- 11:38 am
Posted by Riley Hebert-News Director
-The Clearwaters Hotel and Convention Center has a new owner.
The hotel was bought by the Marshfield Hospitality group after they put a bid on the building for 2.7 million dollars. The building was sold on a sheriff’s auction.
The financially troubled hotel closed in January after it had filed for Chapter 11 bankruptcy protection last summer.
That left the hotel vulnerable to judicial foreclosure proceedings by Clearwaters' primary mortgage-holder, California-based Borrego Springs Bank.
A confirmation hearing is scheduled for May 11, where the judge may approve the bid. If it is approved, Marshfield Hospitality would have 10 days to pay the full $2.75 million.
Marshfield Hospitality officials put down $275,000 Wednesday.
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