The owner of a Boca Raton hotel has filed a Chapter 11 bankruptcy petition in an effort to avoid losing the property to a foreclosure auction.
Shubh Hotels Boca, owner of a Guest Suites hotel at 701 Northwest 53rd Street, had recently lost a $36.2 million foreclosure judgment, South Florida Business Journal reported. An auction of the 183-room hotel was scheduled for Feb. 25, but the Chapter 11 filing put the sale on hold. United Central Bank was awarded the judgment against Shubh.
Atul Bisaria, Shubh’s managing member, is currently under federal indictment.
Fort Lauderdale attorney Susan Lasky, who represents Shubh in the bankruptcy case, told the Journal numerous investors are interested in acquiring the hotel.
“I’m just trying to maximize the value of this hotel,” she said. [South Florida Business Journal] — Eric Kalis