Commercial mortgage-backed securities lenders on the Doral Golf Resort & Spa can expect some bankruptcy court negotiations after the home of the famed Blue Monster course filed for Chapter 11 bankruptcy court protection.
The hotel was among eight hotels in a portfolio returned to its lender at a Jan. 28 auction.
New York-based Carlton Advisory Services was hired by CNL AB LLC to find qualified bidders for the $200 million mezzanine loan on the corporate debt of the hotel company that owns the Doral property and seven others. However it found no takers, so CNL AB ended up as the only registered bidder.
As a result, CNL took over the equity of KSL Hotel Corp. and became responsible for servicing the properties’ debt. The bankruptcy court filing was triggered by the CMBS loan maturing on Feb. 5.
The Doral Golf Resort, at 4400 N.W. 87th Ave., hosts an annual PGA Tour event. It was built in 1962 and has 693 rooms.
Tom Costello is the CEO, Partner & Co-Founder of Groups International, a company that provides marketing, consultative services, and technology solutions to the group and leisure travel markets. Connect with him on Twitter, LinkedIn, and Facebook or contact him by email.