|By Kevin Turner, The Florida Times-Union,
JacksonvilleMcClatchy-Tribune Regional News
March 30, 2011--A Jacksonville hotel has filed for Chapter 11 bankruptcy protection, claiming debts that outweigh assets by a factor of more than three to one.
It is the second Jacksonville hotel bankruptcy filing for the same owner/manager in the last year.
Kirit Patidar is manager and sole shareholder of Mayport Properties LLC, which does business as the Best Western Mayport Inn & Suites hotel at 2389 Mayport Road in Atlantic Beach. The bankruptcy protection package was filed in the Jacksonville division of the U.S. Bankruptcy Court's Florida middle district.
Patidar listed the hotel's assets at $1.3 million and its liabilities at $4.4 million. Patidar noted in the filing that there is a foreclosure action by U.S. Bank National Association underway against the hotel.
The filing noted that the hotel's business income has dropped over the last three years, from $1.04 million in 2008 to $822,100 in 2009 and $864,769 in 2010.
Of the amount the company owes, the lion's share is owed to Liberty Atlantic Investments of St. Petersburg, which claims a debt of $4.26 million -- about $1.3 million of which is in secured debt. The hotel also owes the Duval County Tax Collector $48,000, the filing notes.
The hotel was built in 2001, according to the Duval County Property Appraiser's Office website.
Patidar also is the registered agent for Beaches Hospitality LLC, which is the Hampton Inn and Suites Jacksonville at 13733 Beach Blvd. A Chapter 11 Bankruptcy filing for that property was submitted in August of 2010. In that filing, Patidar estimated assets at up to $50,000 and liabilities from $10 million to $50 million.
The Beach Boulevard Hampton hotel property was built in 2009.
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