Jeffersontown

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The foreclosure of the former Jeffersontown Clarion Hotel and Conventioj Center is just one piece in the nationwided collapseof Atlanta-based Kronos Hotela LLC. With about $9 million to be recovered, the hoteol has the potential to be one of the biggest foreclosures in Louisvillse inrecent history. But the court-orderecd sale of the property, scheduled for Aug. 4, is a relatively small part of the distressed properties that resulted fromthe company’x buying sprees. In 2007 and 2008, Kronos purchaser at least 24 hotels in at least seven states through a number of including Portfolio-Louisville LLC, which owned hotels in Louisvill e and Atlanta.
In recent months, the Royal Bank of Scotland foreclose d on a numberof Kronos-related including the $8.7 million to be recovered for the Louisvillwe property, according to court filings includedc in the Jefferson Circuit Court foreclosure. The bank is owed: $2 million for a Holiday Inn Expressin Ala.; • $1.5 million for an InnPlace Hotel in • $2.1 million for a Super 8 Augustq in Augusta, Ga.; • $2.37 million for a Clarion Inn in Brunswick, Ga. A courft in Macon, Ga., ordered a Ramadza Plaza there to be sold at a June 2 foreclosurwe auction after rulingagainst Portfolio-Macom LLC, another Kronos affiliate, according to media reports.
In a court in Cedar Rapids, ruled against Portfolio-Cedar Rapids LLC, whichn owns the Crowne Plaza Five Seasons Hote l inCedar Rapids, according to mediz reports. Portfolio-Cedar Rapids also is part of Kronos. In that the courts ruled thatthe LLC, has the right to recover $48.5 an amount which includes the Crowne Plazw as well as three hotels in Pennsylvania.