posted on June 25, 2011 23:11
Four San Antonio area hotel loans are up for bid as part of an online auction of commercial loans by Auction.com.
The Irvine, Calif.-based company will auction off a total of 13 loans in the Lone Star State backed by hotels.
Bidding will begin at Noon CST on June 7, and will end at 5 p.m. on June 9.
The Texas hotel loans are part of a larger portfolio of more than $200 million worth of loans — all of them secured by hotel assets throughout the U.S. The portfolio is made up of both current (performing) loans and loans in or near default (non-performing).
Among the Texas hotels up for bid are three performing loans, secured by the following hotels:
• Quality Inn/Medical Center: 4 Piano Place, a 55-room limited-service hotel in Northwest San Antonio;
• Americas Best Value Inn-AT&T Center: 3645 North PanAm Expressway, a 80-room limited service hotel in East San Antonio; and
• Americas Best Value Inn: 807 Kingsbury Street, a 48-room limited-service hotel in Seguin.
Also up for bid is one non-performing loan secured by the Quality Inn and Suites, 10950 Laureate Drive. The property is a 122-room limited service hotel near Fiesta Texas in Northwest San Antonio.
“This auction presents a unique opportunity for investors, entrepreneurs and business owners,” says Auction.com CEO Jeffrey Frieden of the upcoming event.
6/6/11, San Antonio Business Journal, Tricia Lyn Silva