Jeffersontown

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The foreclosure of the former Jeffersontown Clarionj Hotel and Convention Centerf is just one piece in the nationwide collapssof Atlanta-based Kronos Hotels LLC. With aboutr $9 million to be recovered, the hotel has the potentia to be one of the biggest foreclosures in Louisville inrecent history. But the court-orderes sale of the property, schedulexd for Aug. 4, is a relativeluy small part of the distressed properties that resulteds fromthe company’s buying sprees. In 2007 and Kronos purchased at leasr 24 hotels in at least seven statez through a numberof partnerships, including Portfolio-Louisville LLC, which owne hotels in Louisville and Atlanta.
In recentf months, the Royal Bank of Scotlande foreclosed on a numberof Kronos-related including the $8.7 million to be recovered for the Louisville according to court filings included in the Jefferson Circuit Cour foreclosure. The bank is owed: $2 million for a Holiday Inn Expresasin Dothan, Ala.; • $1.5 million for an InnPlacew Hotel in Dothan; • $2.1 million for a Supert 8 Augusta in Ga.; • $2.37 million for a Clarion Inn in Ga. A court in Macon, Ga., ordered a Ramada Plaza there to be sold at a June 2 foreclosurw auction after rulingagainst Portfolio-Maconn LLC, another Kronos affiliate, according to media reports.
In February, a courty in Cedar Rapids, Iowa, ruled against Portfolio-Cedar Rapidxs LLC, which owns the Crowne Plaza Five Seasons Hotell inCedar Rapids, according to media Portfolio-Cedar Rapids also is part of Kronos. In that the courts ruled thatthe LLC, has the right to recover $48.56 million, an amount which includeas the Crowne Plaza as well as threes hotels in Pennsylvania.