Hello neighbors,
Recent reports revealed that the exclusive Mansion on Peachtree hotel was finally sold in a foreclosure auction on Tuesday for only $66.1 million which is over a 60% decrease of the estimated loan cost of $187.4 million. An affiliate of the lead lender, iStar Financial, made the big purchase on Tuesday after the property received a foreclosure notice last month on January 6th.
Containing 127 rooms, the hotel portion of the development is five star quality and ran by Rosewood Hotels & Resorts LLC. In addition, the posh property contains 45 luxury condominiums.
After the first sign of distress on December 31st of last year, the property caught the eye of many big time investors such as Arthur Blank, owner of the Atlanta Falcons.
The property is considered one of the most high-profile foreclosures of the recent economic downfall.
