Foreclosure Round: Palm Beach hotel defaults on $60M loan
From: South Florida Business Journal - by Brian Bandell
Swiss bankers are coming to Ceebraid-Signal Corp.’s Omphoy Ocean Resort in Palm Beach – and not for a vacation. They want to foreclosure on a $60 million mortgage.
Stabfund USA filed a foreclosure lawsuit on July 16 against CSC PB Beach, an affiliate of West Palm Beach-based Ceebraid-Signal, according to Palm Beach County Circuit Court records. It concerns the 134-room hotel at 2842 S. Ocean Blvd.
Originally built in 1980, Ceebraid-Signal redeveloped the hotel and reopened it in early 2009 under the management of Obadon Hotels, which is also named in the complaint. The hotel has 101,384 square feet on a 2.7-acre oceanfront site.
The boutique hotel has custom-designed furniture in each guestroom and an Asian-themed bar. It’s the home of a Michelle Bernstein at The Omphoy, a restaurant run by the Iron Chef America winner. The hotel also has what it calls a “mind-body spa.”
Officials at Ceebraid-Signal didn’t immediately return a call seeking comment. While the company owns major properties, such as the Mayfair Hotel and Spa in Miami, the Traymore Hotel in Miami Beach and the Brazilian Court Condo Hotel in Palm Beach, it has experienced its troubles during the real estate meltdown.
It sold its troubled Eden condominium complex in Boca Raton in a distressed sale. The company’s Village Club Apartments in Palm Springs and its Holiday Isle Beach Resort and Marina in the Florida Keys have both been targeted by foreclosure lawsuits.
Back in 2007, CSC PB Beach got a $60 million mortgage to renovate the hotel from UBS Real Estate Securities. That loan was assigned in April 2009 to StabFund, an affiliate of Switzerland-based Schweizerische Nationalbank.
Boca Raton attorney Lisa Markofsky, who represents Stabfund in the foreclosure lawsuit, couldn’t immediately comment.
Post a Comment