The Royal Palm Hotel in Miami Beach is set for public auction after its owner lost a $142.7 million foreclosure judgment.
Wachovia Bank, as the special servicer for a commercial mortgage-backed security fund issued by Credit Suisse First Boston, won the judgment against Royal Palm Hotel Property based on a $108.4 million mortgage, plus interest and fees. The hotel, at 1545 Collins Ave., is scheduled for auction on May 27 on Miami-Dade County’s Web site.
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