Bids to Purchase The Bankrupt Courtyard Marriott On 92nd Street And First Avenue are due today, Crain’s reported. If numerous bids come in, then an auction could be held next week.
As previously reported, the owners of the property, Madison 92nd Street Equities, filed for bankruptcy protection last summer in hopes of preventing a foreclosure sale.
The hotel had been in troubled water since 2008 when the lender sued the owner to foreclose on a $62 million mortgage. That came just weeks after the owner sued the hotel management for allegations of making secret deals, The Real Deal reported. The hotel has struggled since its 2006 opening due to franchise fees and the economic climate.
Interested bidders will need to pay at least $82 million for the property, which has 226 rooms, Crain’s said. [Crain’s]