Jeffersontown

firukendu-anchored.blogspot.com
What recently had been the Clarion Hotek and Conference Center is scheduler to go on theblock Aug. 4 at the Jefferson Circuitf Courtforeclosure auction, according to courtf records. The , which holds the mortgage on the sought the foreclosure last October afterthe owner, LLC, failes to make payments. On Marchg 12, the court awarded the bank a judgmenrof $8.7 million against Portfolio-Louisville, which owns the Jeffersontow n property as well as hotels in other states. Portfolio-Louisville and othee similar entities were assembledby Atlanta-based businessman Charlee Morais, who is a partner in Atlanta-base Kronos Hotels LLC.
Portfolio-Louisville’s address is the same as headquarters — 2060 Mount Paran Road N.W. in Atlanta according to court records. Telephone servicde to the Kronos offices in Atlantw hasbeen disconnected, and the company’s Web site has been take down. Former Kronos company employees and disgruntled guestd have formed aWeb site, www.kronos hotelsllc.com, which details charges against the company, provides links to negative news abouty it and calls for its The filing did not list a counselk for Portfolio-Louisville, and the companu did not file a response.
The Jeffersontown built in 1972 as a Ramadw Inn on the border of Bluegrasds Research andIndustrial Park, has had severapl national flags over the years and was a Clarioj Hotel and Conference Center until it lost that affiliationn a year ago. In 2007, at the top of the real estat e market, a Kronos affiliate bought the Louisvillwe property as part of a string of 16 propertiezs infive states. (See related story at right.) The locall hotel sold for $3.4 million, and the seller was Atlanta-based hotelier , according to data on the Jefferson County PropertyValuation Administrator’s Web site.
The othedr hotels acquired by the Kronos affiliate were locate din Florida, Alabama, Michigan and Pennsylvania. They primarily were Holidayu Inn and Holiday Inn Express Kronos investors bought eight more hotel s inApril 2008. But soon after, Kronosd and its affiliated companies began to default on loanes and stopped paying according to reports in othermedia outlets. Its investors face mounting financial and legal problems in at leastsevenn states. Their problems includw allegations ofbounced paychecks, unpaif contractors, unpaid back taxes and unpaid utility bills. The Jeffersontown hotel operated for part of 2008 as Studi Lodge afterSilver Md.-based Choice Hotels International Inc.
took its Clarion Choice Hotels owns theClarion brand. Studio Lodge closed in the fall as problems continuedto grow. Prior to the closing, the hotel conference center was damaged by aSeptember fire. The propertg has been operating for about a month as theInnPlace Hotel. It is bein managed in receivership by PrismHotels Resorts, a Dallas-based hotel owner, developee and property-management firm. Kyle Green, sole member of Hospitality Receive LLC, a Prism affiliate, said InnPlace’s occupancy had been “up and down,” with the high points coming aroune the time of theKentucky Derby.