The Real Deal Miami

More trouble for Merco in Coconut Grove 

March 12, 2010 11:34AM

Merco Group’s Coconut Grove Hotel, formerly the Wyndham Grand Bay Hotel, was the object of a foreclosure action in August, and its future is growing cloudier. Seven months later, another of the company’s properties is in trouble. U.S. Century Bank in Doral filed an action last week to foreclose upon an office space at 2675 S. Bayshore Drive, also in Coconut Grove, which Merco had sought to convert into a residential development. Merco founder Richard Meruelo sold his $4.6 million home on Miami Beach’s Pinetree Drive in January. Another Meruelo, Merco Managing Partner Hermero Meruelo, was also named as a defendant in last week’s suit. [SFBJ]