|By Sandra Baker, Fort Worth
Star-TelegramMcClatchy-Tribune Regional News
Aug. 30, 2012--FORT WORTH -- After standing vacant and unfinished for more than three years, a four-story building in east Fort Worth once planned as a LaQuinta Inn & Suites is being sold to a North Texas hotel company.
The deal follows three years of court battles, a series of foreclosure postings and a bankruptcy filing. The 48,745-square-foot structure at 8250 Anderson Blvd., on the north side of Interstate 30 near Eastchase Parkway, has been hit by graffiti artists and is surrounded by a barbed-wire fence.
The property is about 75 percent completed, said Fred Waid, the Las Vegas-based attorney who represents LaQuinta 332 Llc., an investor group with about 60 participants, which foreclosed on the property
"We are currently in escrow and hope to close shortly," Waid said. He declined to name the buyer, but according to court records, the contract is with Fort Worth Lodging Llc. in Irving, headed by Piyush Patel. Patel could not be reached for comment on the group's plans for the property.The buyer is "extremely experienced in hotel development and ownership," Waid said. "This is not a flip type of project. Whoever buys this is going to finish it and put a new flag on it."
A Euless company, NCD Development, bought the 2.25-acre site in February 2008 and borrowed $4.7 million from LaQuinta 332 to build the hotel. At that time, it hired a Dallas general contractor to do the work. The hotel was to have been completed in 270 days, according to court records.
By May 2009, the project was halted when NCD sued the contractor, alleging fraud, theft and breach of contract. The case never went to trial and the two sides settled in November 2009. The settlement was not disclosed in court filings.
But construction didn't resume and in October 2010, the lender posted the property for foreclosure. That process was stopped when NCD filed for bankruptcy protection. The bankruptcy was dismissed in November 2011 and in June, LaQuinta 332 moved forward with the foreclosure.
NCD then sued the lender, asking the court to set aside the foreclosure and return the property.
During the past two years, OGH Hospitality in Flower Mound paid two tax liens on the property and also attempted to foreclose on the property. It also wanted to buy the property in a short sale, but those negotiations never came to fruition, court records show.
Last month, LaQuinta 332 paid OGH Hospitality $278,035, what it says was owed for the liens and interest. OGH Hospitality released the liens on the property on Aug. 14, giving title to the original lender, deed records show.
The lender began negotiating the sale of the property several months ago.
"During the litigation we had numerous offers on the property," Waid said. "It is a good parcel. We're hoping to close in the next week or two."
Sandra Baker, 817-390-7727
(c)2012 the Fort Worth Star-Telegram
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