Omni in $204M foreclosure

The Omni Center and Hilton Miami is in a $204 million foreclosure,
following last
month’s purchase of the property’s note for $100 million. A joint
venture between three firms, including the Related Group, purchased the
note on the property and now stands to take the property, which is
located at 1501 Biscayne Boulevard. The site has 15 million square feet
of mixed-use space, including a 527-room hotel. It has undergone $66
million in capital improvements in the last three years. [SFBJ]