| By Steve Kilar, The Baltimore SunMcClatchy-Tribune Regional News May 28--A bankruptcy judge has approved an auction of The Inn at the Black Olive, a boutique hotel in Fells Point, according to court records. The sale is scheduled for mid-June. First Mariner Bank foreclosed on the hotel's developers, the Black Olive Development Co. LLC, in January, listing mortgage debt of $5.4 million. A foreclosure auction of the 12-suite luxury inn on South Caroline Street was scheduled for late March but was canceled after Black Olive Development filed for bankruptcy. The inn's operators are working to find investors and attempting to negotiate with the bank, said Gary R. Greenblatt, an attorney for Black Olive Development. Whether the auction goes forward will depend on the success of those discussions, he said. U.S. Bankruptcy Judge Nancy V. Alquist approved the sale of the inn earlier this month. The Alex Cooper auction house has scheduled the sale for 10 a.m. on June 13. twitter.com/stevekilar ___ (c)2013 The Baltimore Sun Visit The Baltimore Sun at www.baltimoresun.com Distributed by MCT Information Services |
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