|By Allyson Bird, The Post and Courier,
Charleston, S.C.McClatchy-Tribune Regional News
April 05, 2011--The 289-room Sheraton Charleston Airport Hotel off Montague Avenue, a frequent meeting spot for professional groups and class reunions, appears poised for foreclosure and possibly the sale block.
Recent court filings on behalf of U.S. National Bank Association state that the owner of the property owes more than $21 million plus interest, which continues to accrue at more than $6,000 per day.
The hotel is owned by APHM North Charleston LLC, a Delaware-based company.
County real estate records show the company paid $20 million for the Goer Drive property in 2006.
A Sheraton manager declined to comment on the foreclosure filing Monday, and representatives with APHM could not be reached. An attorney for the lender also did not respond to requests for comment.
A letter from the lender's attorney to APHM said APHM has not made a mortgage payment since July 2010. The letter says that nonpayment constitutes a default under the terms of the loan and demands that APHM pay the entire outstanding principal immediately, plus interest and charges.
Attorneys for the lender are scheduled to appear in court Thursday to request that a judge appoint a receiver in this case. A receiver serves as keeper of property while a foreclosure lawsuit unfolds.
In this case, the lender's attorneys hope that someone will take possession of the Sheraton and collect and hold any income it generates. The receiver also would list and sell the hotel.
The eight-story Sheraton, just around the corner from the North Charleston Coliseum and Performing Arts Center and the Charleston Area Convention Center, includes 13 meeting and banquet spaces.
A local development group and Metropolitan Life Insurance Co. built the lodging in 1982 under the Marriott flag at a cost of $20 million. It was a Hilton property before switching to Sheraton in 1997.
Reach Allyson Bird at 937-5594.
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