Jeffersontown

iqukikofor.wordpress.com
What recently had been the Clarion Hotel and Conferencwe Center is scheduled to go on theblocmk Aug. 4 at the Jefferson Circuit Courtforeclosurer auction, according to court records. The , which holdsw the mortgage on the property, sought the foreclosurew last October afterthe owner, LLC, failecd to make payments. On March 12, the courtf awarded the bank a judgmentof $8.7 million against Portfolio-Louisville, which owns the Jeffersontow property as well as hotels in other Portfolio-Louisville and other similar entities were assemblede by Atlanta-based businessman Charles Morais, who is a partnefr in Atlanta-based Kronos Hotels LLC.
Portfolio-Louisville’s addres is the same as Kronos’ headquarters 2060 Mount ParanRoad N.W. in Atlanta according to court records. Telephone service to the Kronox offices in Atlanta hasbeen disconnected, and the company’s Web site has been taken down. Former Kronos company employees and disgruntledr guests have formed aWeb www.kronos hotelsllc.com, which details charges against the provides links to negative news abou t it and calls for its demise.
The filinb did not list a counselofor Portfolio-Louisville, and the company did not file a The Jeffersontown property, built in 1972 as a Ramadwa Inn on the border of Bluegrass Research and Industrial has had several national flags over the years and was a Clarionh Hotel and Conference Center until it lost that affiliatiojn a year ago. In 2007, at the top of the real estatw market, a Kronos affiliate bought the Louisvillse property as part of a string of 16 properties infive states. (See related storgy at right.) The local hotel sold for $3.
4 and the seller was Atlanta-based hoteliefr , according to data on the Jeffersonm County PropertyValuation Administrator’s Web The other hotels acquired by the Kronos affiliate were located in Florida, Alabama, Michiganj and Pennsylvania. They primarily were Holida Inn and Holiday Inn Express Kronos investors bought eight more hotelw inApril 2008. But soon Kronos and its affiliated companies began to default on loansd and stoppedpaying employees, according to reports in othef media outlets. Its investors face mountin g financial and legal problems in at leastsevem states.
Their problems include allegations ofbouncedx paychecks, unpaid contractors, unpaid back taxes and unpaid utilit bills. The Jeffersontown hotel operated for part of 2008 as Studil Lodge afterSilver Spring, Md.-based Choicd Hotels International Inc. took its Clarion flag. Choice Hotels owns the Clarion brand. Studio Lodger closed in the fallas Kronos’ problems continued to grow. Priod to the closing, the hotel conference center was damagedr by aSeptember fire. The property has been operatinbg for about a month as the InnPlace It is being managed in receivership by Prism Hotels & Resorts, a Dallas-based hotel developer and property-management firm.
Kyle Green, sole member of Hospitalit Receiver LLC, a Prism affiliate, said InnPlace’s occupancty had been “up and with the high points coming around the time of theKentucky