|The Baltimore SunMcClatchy-Tribune
July 22, 2010--Two office buildings in downtown Baltimore, both of which had been undergoing conversion to hotels, are scheduled to be sold at back-to-back foreclosure auctions next month.
According to the website for Alex Cooper auctioneers, which is handling both sales, the first involves the former Keyser Building at 201-207 E. Redwood St., a 10-story structure that was being renovated to reopen as a 130-room Hotel Indigo. It will be offered for sale at an auction on the premises at 11:30 a.m. on Aug. 12.
The Hotel Indigo was expected to open by early fall of 2009, but the work was never completed. The total project was expected to cost $24 million. The developer, listed in a foreclosure filing last month in Baltimore Circuit Court as 207 Redwood LLC, owed more than $14.7 million in mortgage debt.
According to the Alex Cooper website, the second sale involves the former Jefferson building at 101 N. Charles St., which was being renovated to be a 100-room Staybridge Suites hotel. It will be offered for sale at an auction on the premises at noon on Aug. 12.
The Staybridge Suites hotel was expected to open by the end of 2009, but the renovation was never completed. The total project was expected to cost $22 million. The developer, listed in a foreclosure filing in circuit court last month as 101 Charles Street LLC, owed more than $11.69 million in mortgage debt.
The developer could not be reached for comment Wednesday.
Both the Staybridge Suites and Hotel Indigo brands are associated with the InterContinental Hotels Group. The Hotel Indigo is "substantially completed," and the Staybridge Suites project is "about half complete," according to the auctioneer.
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