The Real Deal Miami

Final $143 million foreclosure judgment against Royal Palm Hotel

April 02, 2010 10:40AM

The Royal Palm Hotel in Miami Beach, on Collins Avenue and 15th Street,
is set for auction after its owner lost a foreclosure judgment for
nearly $143 million. The plaintiff was Wachovia Bank, acting as special
servicer for a Credit Suisse First Boston commercial mortgage-backed
security fund. The amount of the note was $108.4 million, and the final
judgment included interest and fees. The Royal Palm has been in
receivership since March 2009, the date of the filing of the
foreclosure action. The hotel will be auctioned May 27. [SFBJ]