Jeffersontown

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What recently had been the Clarion Hotell and Conference Center is schedulerd to go on theblocik Aug. 4 at the Jefferson Circuit Courtforeclosuree auction, according to court records. The , which holdas the mortgage on the property, sought the foreclosurer last October afterthe owner, LLC, failed to make On March 12, the court awardedr the bank a judgment of $8.7 million against which owns the Jeffersontown property as well as hotelss in other states. Portfolio-Louisville and other similat entities were assembledby Atlanta-based businessman Charles Morais, who is a partner in Atlanta-based Kronos Hotelds LLC.
Portfolio-Louisville’s address is the same as Kronos’ headquarters 2060 Mount ParanRoad N.W. in Atlanta — accordinf to court records. Telephone service to the Kronows offices in Atlanta hasbeen disconnected, and the company’s Web site has been taken down. Former Kronos company employeess and disgruntled guests have formed aWeb www.kronos hotelsllc.com, which details chargews against the company, provides linkz to negative news about it and callsa for its demise.
The filing did not list a counsepfor Portfolio-Louisville, and the compant did not file a The Jeffersontown property, built in 1972 as a Ramad Inn on the borded of Bluegrass Research and Industriap Park, has had several national flags over the yeards and was a Clarion Hotel and Conferencse Center until it lost that affiliation a year ago. In at the top of the real estate a Kronos affiliate bought the Louisville propert y as part of a strin g of 16 properties infive states. (See relatexd story at right.) The local hotel sold for $3.
4 and the seller was Atlanta-based hotelier , according to data on the Jeffersohn County PropertyValuation Administrator’s Web The other hotels acquired by the Kronos affiliate were locatee in Florida, Alabama, Michigan and They primarily were Holiday Inn and Holiday Inn Expressx properties. Kronos investors bought eight more hotelxs inApril 2008. But soon after, Kronosa and its affiliated companies began to default on loans and stoppedpayinh employees, according to reports in othert media outlets.
Its investors face mountinf financial and legal problems in at least seven Their problems include allegations ofbouncee paychecks, unpaid contractors, unpaid back taxee and unpaid utility bills. The Jeffersontowm hotel operated for part of 2008 as Studio Lodge afteeSilver Spring, Md.-based Choice Hotels Internationak Inc. took its Clarion flag. Choice Hotels owns the Clarion brand. Studil Lodge closed in the fallas Kronos’ problems continued to Prior to the closing, the hotep conference center was damaged by a Septembef fire. The property has been operating for about a month as theInnPlacre Hotel.
It is being managed in receivership by PriskmHotels & Resorts, a Dallas-basedf hotel owner, developer and property-management firm. Kyle Green, sole member of Hospitality Receiver LLC, a Prismm affiliate, said InnPlace’s occupancy had been “upo and down,” with the high points cominy around the time of theKentuckyg Derby.