News
Norfolk
Lenders have foreclosed on the Sheraton on Norfolk’s
waterfront.
A public auction of the 323,520 square foot hotel and
3.4-acre parcel is scheduled for Dec. 20 at Norfolk Circuit Court at 1pm.
A foreclosure notice lists assets, including leases, valued
at $197 million.
A Boston-based firm bought the Sheraton in 2006 for $40
million, according to Norfolk city records.
The owner of the firm is listed as Phf Li Norfolk LLC, whose
address is 1 Post Office Square, Suite 3100, Boston, MA, 02119, Norfolk records
show.
A quick Google search shows that Pyramid Hotel Group is
listed at that address. James R. Dina, is
listed as the Principal and Chief Operating Officer, and Alan Bednowitz as the
Vice President of Sales and Marketing.
The assessed value of the property was $32,009,700, July 1, 2012,
down from an assessed value of $36,770,440 in 2008.
The hotel, built in 1976, is 323,520 square feet.
A $100,000 security is required for bids on the property.
Law firm, Venable LLP, based in Tysons Corner, Virginia, is
handling the sale.
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