Microtel on Old Kings Rd Scheduled for Foreclosure Sale
Microtel joins Holiday Inn Express as local motels in apparent financial trouble. Holiday Inn Express’s property taxes for 2013 and 2014, totaling over $80,000 remain unpaid.
Palm Coast, FL – June 14, 2014 – As a result of a Final Judgment of Foreclosure entered on June 5, 2014, Microtel Inns and Suites on Old Kings Road will be sold July 21, 2014. Sold most recently for $7,000,000 in 2007, the property is now assessed for $1,840,000. The sale will include real estate and personal property owned by the business. The plaintiff in the foreclosure action is BACM 2007-4 Kingswood Lodging LLC. Eskridge Capital LLC is the defendant.
Microtel joins Holiday Inn Express as local motels in apparent financial trouble. According to available public information, Holiday Inn Express’s property taxes for 2013 and 2014, totaling over $80,000 remain unpaid. Holiday Inn Express is assessed for $1,900,000.
Microtel was built in 2000, Holiday Inn Express in 2002
Sale Price vs. Assessment Gap
That seems like a pretty substantial gap between the Microtel’s ’07 sale price and the current assessment. I doubt the property value decreased that much. Can someone explain?
Reply to Ron
The purchase was recorded on the Property Appraiser’s website as “unqualified,” meaning there was a reason it could not be used comparison purposes – reason unknown. However, the property did reach a high appraisal level of $4,,394,396 in 2008. 2008 appraisals are based on 2007 sales.