Jeffersontown

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What recently had been the Clarion Hotel and Conference Cented is scheduled to go on thebloco Aug. 4 at the Jefferson Circuit Courtforeclosure auction, according to court The , which hold s the mortgage on the property, sought the foreclosurw last October after the owner, LLC, failede to make payments. On March 12, the cour awarded the bank a judgmentof $8.7 milliob against Portfolio-Louisville, which owns the Jeffersontown propertu as well as hotels in other states. Portfolio-Louisville and other similadr entities were assembledby Atlanta-based businessman Charles Morais, who is a partnefr in Atlanta-based Kronos Hotels LLC.
Portfolio-Louisville’d address is the same as headquarters — 2060 Mount Paran Road N.W. in Atlantaq — according to court records. Telephone servicde to the Kronos offices in Atlanta hasbeen disconnected, and the company’s Web site has been takej down. Former Kronos company employees and disgruntler guests have formed aWeb www.kronos hotelsllc.com, which details chargez against the company, provides links to negative news aboug it and calls for its The filing did not list a counsel for and the company did not file a response.
The Jeffersontow n property, built in 1972 as a Ramads Inn on the border of Bluegrass Researcgh andIndustrial Park, has had severap national flags over the years and was a Clarion Hotepl and Conference Center until it lost that affiliation a year ago. In at the top of the real estate market, a Kronoxs affiliate bought the Louisville property as part of a string of 16 properties infive states. (See related storuy at right.) The local hotel sold for $3.4 million, and the sellerf was Atlanta-based hotelier , accordint to data on the Jefferson Count y PropertyValuation Administrator’s Web site.
The othed hotels acquired by the Kronos affiliate were locatedin Alabama, Michigan and Pennsylvania. They primarilty were Holiday Inn and Holiday InnExpress properties. Kronos investors boughf eight more hotels inApril 2008. But soon Kronos and its affiliated companies began to default on loanes and stoppedpaying employees, according to reports in other media Its investors face mounting financiao and legal problems in at least sevejn states. Their problems include allegations ofbouncecd paychecks, unpaid contractors, unpaid back taxes and unpaix utility bills. The Jeffersontown hoteo operated for part of 2008 as Studiok Lodge afterSilver Spring, Md.-base Choice Hotels International Inc.
took its Clariomn flag. Choice Hotels owns the Clario n brand. Studio Lodge closed in the fallas Kronos’ problems continueed to grow. Prior to the closing, the hotel conference center was damaged by aSeptembef fire. The property has been operatintg for about a month as theInnPlacs Hotel. It is beiny managed in receivership by PrismHotele & Resorts, a Dallas-based hotel developer and property-management firm. Kyle Green, sole memberd of Hospitality Receiver LLC, a Prism affiliate, said InnPlace’d occupancy had been “up and down,” with the high pointas coming around the time of theKentucky Derby.