Fort Lauderdale Hotel Filing for Bankruptcy
Tanned bodies. Miles of sand and beach and endless amount of bars serving cold drinks and…. bankruptcy.
550 Seabreeze Development LLC, has filed for Chapter 11 bankruptcy. The construction manager had previously filed suit against the hotel for alleging not making payments to contractors and a foreclosure action was filed by Bancorp. in January for failing to pay on the $3.6 million mortgage.
Funding came in part from the controversial EB-5 visa program where investors can gain a path to permanent residency with an investment of $500,000.
Now, in a Hollywood style plot line, the investors looking to buy out the company will be led by women.
Once a case goes through the foreclosure process, the final step is to list the property for sale at an auction. In this case, the business owners of the inn are filing for bankruptcy in order to stop the sale of the home.
Toys R’ US is expected to close four hundred stores.
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