No one showed up Wednesday morning to bid on the Antlers Hilton at the El Paso County Public Trustee foreclosure sale, so the property was sold to the lender for less than what was owed.
The Antlers property had a deficiency of $3.6 million, and $38 million was the final amount the beneficiary paid for the property. The total indebtedness for this property was $41.6 million.
Another property, the Comfort Inn off Lake Avenue in southern Colorado Springs, also reverted to its lender. For the Comfort Inn, the lender bid $5.4 million to cure a deficiency of $1.3 million. The total indebtedness for the Comfort Inn was $6.68 million.
Both beneficiaries have addresses in Miami Beach, Fla.
After the redemption period, the Antlers property will go to MSCI 2007-IQ16 Cascade Lodging LLC. The corporation formed in April, according to the Colorado Secretary of State’s office.
It has as its principal address c/o LNR Partners LLC, 1601 Washington Ave., Suite 700, in Miami Beach, Fla.
The Comfort Inn will go to GCCFC 2007-GG9 Harrison Lodging LLC. This company formed in May and has the same Miami Beach address as MSCI.
Steve Abelman of Brownstein Hyatt Farber Schrek LLP, a Denver law firm, represented the lenders in both hotel transactions. Abelman said he was unaware of any operational changes that might be caused by the ownership change.
“There’s a management company that’s in place for the Antlers. The management company has not changed throughout this process,” Abelman said. “I don’t know what the future holds.”
“I was wondering if Phil Anschutz was going to show up,” said Public Trustee Thomas Mowle, referring to the billionaire owner of The Broadmoor. “I was hoping he would be here.”
The historic Antlers Hilton Colorado Springs Hotel is situated in the Palmer Center, a hotel, office and banking complex.