Hotel Online  Special Report


For Sale - Former SpringHill Suites,
Fort Lauderdale Airport

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
FORT LAUDERDALE DIVISION
www.flsb.uscourts.gov


In re: 

OAKRIDGE HOTEL I, LTD., 
Debtor.

Chapter 11 case
Case No. 05-28289-BKC-RBR
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NOTICE OF PROPOSED SALE OF DEBTOR’S HOTEL PROPERTY
FREE AND CLEAR OF ALL LIENS, CLAIMS, LIABILITIES,
ENCUMBRANCES AND OTHER INTERESTS
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PLEASE TAKE NOTICE (the “Notice”) that on December 20, 2005, the United States Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”) entered an order, and on January 5, 2006, entered an amended order (collectively the “Bidding Procedures Order”) (i) approving competitive bidding and sale procedures (the “Bidding Procedures”), (ii) approving the form of purchase and sale contract (the “Purchase Agreement”) to be used in connection with the sale, (iii) approving the form and manner of notice of the Bidding Procedures and Sale, and (iv) scheduling dates to conduct an auction (the “Auction”) and scheduling a hearing to consider final approval of the Sale (the “Sale Hearing”).  The Debtors are seeking certain amendments to the Bidding Procedures and some of the dates and requirements as set forth in the Bidding Procedure Order may change.   At the Sale Hearing it is contemplated that the Bankruptcy Court will approve the sale of the Debtor’s Hotel Property (defined below) pursuant to 11 U.S.C. § 363 free and clear of all liens, claims, liabilities, encumbrances and other interests (the “Sale”) to the highest and best bidder(s).
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Stirling Suites 
(Formerly SpringHill Suites by Marriott)
151 Southwest 18th Court, Dania Beach, Florida
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PLEASE TAKE FURTHER NOTICE that the property subject of the Sale includes Non-Residential Real Property including approximately two-acre parcel of land and a hotel situated thereon known as Stirling Suites, located at 151 Southwest 18th Court, Dania Beach, Florida (together with the furniture, fixtures and equipment therein and related executory contracts and unexpired leases, the “Hotel Property”).  Interested parties may view and inspect the Hotel Property by appointment.

PLEASE TAKE FURTHER NOTICE that if one or more Qualified Bids are submitted, the Court shall conduct the Auction (at a date to be determined – likely in early April 2006)   A hearing to approve the Sale (the “Sale Hearing”) will be conducted following the Auction. 

PLEASE TAKE FURTHER NOTICE that the Debtor hereby provides notice of its intent to sell to the Successful Bidder(s), the Property (or parts thereof as appropriate), free and clear of all liens, claims, liabilities, encumbrances and other interests, with such liens, claims, liabilities, encumbrances and other interests attaching to the net proceeds of the Sale.  If the Bankruptcy Court approves the Sale and the Assets are sold pursuant thereto, any party with a lien, claim, encumbrance or other interest on the Property shall be forever barred from asserting such lien, claim, encumbrance or other interest against the Successful Bidder(s).

PLEASE TAKE FURTHER NOTICE that if no objections are timely filed in accordance with the Bidding Procedures Order, the Court may enter an order approving the Sale (the “Sale Order”) without further notice or hearing.  Only those objections made in writing, timely filed, and served in accordance with the above procedures will be considered at the Sale Hearing or on such other date and time as the Court may schedule. 

PLEASE TAKE FURTHER NOTICE that inquiries regarding this Notice, the Motion, or the procedures set forth therein may be directed to the Debtor’s counsel, Arthur J. Spector, Esq., Berger Singerman, P.A., 350 East Las Olas Blvd., Suite 1000, Ft. Lauderdale, Florida  33301, E-mail: aspector@bergersingerman.com; Telephone No. (954) 525-9900.  All inquiries regarding the Property may be directed to the Debtor’s real estate agent, Boaz Ashbel, Managing Director, Aztec Group, Inc., 2665 S. Bayshore Drive, PH-2A, Miami, Florida 33133, E-mail: bashbel@aztecgroup.com; Telephone No. (305) 854-5000.  For more information, please see http://www.aztecgroup.com/stirlingsuitesad.htm.

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