The Real Deal Miami

DoubleTree hotel headed to auction

July 01, 2009 12:46PM

The 12-story DoubleTree Miami Mart/Airport Hotel, a tower at the middle of both lengthy litigation and a foreclosure suit, is headed to the auction block as lender Gramercy Investment Trust tries to recoup some of the $59 million it is owed. The auction has been rescheduled from this week to July 30. Gramercy is also trying to sell the mortgage on the 334-room hotel. Market watchers say it’s unlikely the hotel will get offers close to the $59 million sought by Gramercy.