The Doubletree Hotel in Palm Beach Gardens was sold out of foreclosure at a 37 percent discount to its prior mortgage.
A commercial mortgage-backed securities (CMBS) trust under the name BACM 2006-2 Hotel at Palm Beach Gardens LLC seized the 279-room hotel at 4431 PGA Blvd. in 2015 after foreclosing on the $21.76 million mortgage of THI IV PBG, an affiliate of Annapolis, Md.-based Thayer Lodging. It was surrendering in a $31.4 million deed-in-lieu of foreclosure.
The lender recently sold the property… …read more
From:: biz journal foreclosures