For the developers of The World Quest condo hotel resort near Disney, 2009 is off to a poor start. Following their failed auction last year, the owners have struggled with sales - as have most of the area's condo hotels. Now, according to the Orlando Business Journal, Wachovia has filed a foreclosure suit for $31 million. "The incredible nature of recent economic events made sales almost impossible to come by..." said Tony Ruben, president of the parent group of WorldQuest Resort. The [...]
According to this weeks Orlando Business Journal (OBJ), the backers of the Blue Rose condo hotel project, could be forced into bankruptcy. A UK-based equity partner, Jaymar Estates, filed a Chapter 7 petition against Blue Rose Orlando LP in Miami. According to the OBJ, South Florida developer Camilo Aguirre labelled the petition as "ridiculous". He claims the developer will file a motion to dismiss it and describes the action as a "power play" to take over the project.
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