Marriott in Baltimore Co. scheduled for bank sale

March 19, 1991|By Edward Gunts

Another Baltimore County hotel is scheduled to go on the auction block because its owner has defaulted on its mortgage payments.

The Marriott Residence Inn, a 96-suite "extended-stay hotel" at 10710 Beaver Dam Road, is scheduled to be sold at an auction on the premises at 3 p.m. April 2.

The hotel opened in 1987 and is operated as a Marriott Corp. franchise. Its owner is identified in court documents as B.A.-Hunt Valley Associates, a subsidiary of Amerimar Investors Limited Partnership of Philadelphia.

The auction, by Atlantic Auctions Inc., is a foreclosure sale on behalf of the Bank of New England. Attorneys for the bank have filed court documents stating that the owner has defaulted on its loan and owed more than $5.3 million as of Dec. 31.

The sale makes the Marriott Residence Inn, which remains open for business, the third Baltimore County hotel in three months to be scheduled for sale at auction.

The 250-room Timonium Plaza Holiday Inn was acquired at auction last month by a subsidiary of the First National Bank of Maryland, which had foreclosed on the hotel's owners, a group headed by Fred Lafer, a New Jersey businessman.

The 223-suite Embassy Suites hotel in Hunt Valley was put up for auction several weeks later as a result of foreclosure proceedings launched by Perpetual Savings Bank, but that sale was canceled after the owners of the property filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code.

In December, the Towson Sheraton Hotel was placed in receivership after its owners fell behind on payments of a loan in excess of $50 million.

But the prime lender, Maryland National Bank, has not foreclosed on the owners, a group called the Dulaney Valley Limited Partnership.

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