Foreclosure sale postponed again for Ritz-Carlton condos, athletic club
Written on February 12, 2010
The foreclosure sale of the Denver Ritz-Carlton hotel’s unsold condos and Forza athletic club space has been postponed again, according to City and County of Denver foreclosure records.
The sale has previously been scheduled for Oct. 1 and Nov. 12 of last year and, most recently, for Feb. 11, foreclosure records said. It’s now slated for April 22.
In Colorado, a foreclosure sale can be postponed for up to a year, according to state law.
The real estate is owned by CJS Athletic Club LLC and CJS Residential LLC, which are entities controlled by Steve Roitman and Jim Cobb of Denver-based BWAB Inc. as well as local hotelier Charlie Biederman. The athletic club continues to operate.
The Ritz-Carlton Denver is located at 1881 Curtis St. in downtown Denver. The property includes 202 hotel rooms as well as 25 condos, 24 of which are unsold, according to Denver property records payday advance.
Mortgage lender Goldman Sachs Mortgage Co. of New York, with DECO Property LLC, foreclosed on the Ritz’s condos and athletic club space in June 2009 because it was still owed $28.8 million of the total $95 million loan amount. Goldman Sachs is expected to buy the property at bankruptcy auction, but already took control of the Ritz condos last fall, hiring Broadwing International LLC of Orlando, Fla., to market them for sale.
The 193-unit Apartments at Denver Place, which are located on the upper floors of the same Curtis Street building where the Ritz is located, went into foreclosure in December because the owners were in arrears on a $38.5 million loan. The apartments are not affiliated with the hotel, but are owned by a BWAB entity.
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