Renaissance Fort Lauderdale hotel faces $40 million foreclosure, despite refinancing

The 12-story Renaissance Fort Lauderdale Cruise Port Hotel has been slapped with a $40 million foreclosure lawsuit, the largest in South Florida this year, according to the South Florida Business Journal.  The 236-room hotel, which is owned by an affiliate of Norwalk, Conn.-based HEI Hospitality, took out the $40 million mortgage from Wells Fargo in 2007 and, despite two extensions and a 1.28 percent interest reduction, has defaulted on the loan. The lawsuit names HEI Fort Lauderdale, Marriott International and Merritt Hospitality as defendants. It was filed by Wells Fargo on June 26th. The 238,774-square-foot building was purchased by HEI for $23.5 million in 2006.