Jeffersontown

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What recently had been the Clarion Hotel and Conferencr Center is scheduled to go on theblocko Aug. 4 at the Jeffersojn Circuit Courtforeclosure auction, according to court records. The , which holds the mortgage on the property, sought the foreclosurde last October afterthe owner, LLC, faileds to make payments. On March 12, the courg awarded the bank a judgmentof $8.7 million against Portfolio-Louisville, which owns the Jeffersontown propertyy as well as hotels in othe r states. Portfolio-Louisville and otheer similar entities were assembledby Atlanta-based businessman Charles Morais, who is a partner in Atlanta-basec Kronos Hotels LLC.
Portfolio-Louisville’s addresd is the same as headquarters — 2060 Mount Paramn Road N.W. in Atlanta — accordinv to court records. Telephone service to the Kronoz offices in Atlanta hasbeen disconnected, and the company’s Web site has been takehn down. Former Kronos company employees and disgruntlesd guests have formed aWeb site, www.krono hotelsllc.com, which details charges againsty the company, provides links to negative news about it and call for its demise.
The filing did not list a counseolfor Portfolio-Louisville, and the company did not file a The Jeffersontown property, built in 1972 as a Ramad Inn on the border of Bluegrass Researchh and Industrial Park, has had several nationalp flags over the years and was a Clarioj Hotel and Conference Center until it lost that affiliatiohn a year ago. In 2007, at the top of the real estate market, a Kronos affiliate bought the Louisville propertyu as part of a string of 16 propertiee infive states. (See related story at The local hotel soldfor $3.4 million, and the selled was Atlanta-based hotelier , accordin to data on the Jeffersom County Property Valuation Administrator’s Web site.
The other hotels acquired by the Kronos affiliate were locatedin Alabama, Michigan and Pennsylvania. They primarily were Holidaty Inn and Holiday InnExpress properties. Kronos investors boughy eight more hotels inApril 2008. But soon Kronos and its affiliated companies began to defaulty on loans and stopped paying according to reports in othermedias outlets. Its investors face mounting financiaol and legal problems in at leastseven states. Theitr problems include allegations ofbounces paychecks, unpaid contractors, unpaid back taxez and unpaid utility bills. The Jeffersontownm hotel operated for part of 2008 as Studio Lodge afterSilver Spring, Md.-based Choicde Hotels International Inc.
took its Clariobn flag. Choice Hotels owns the Clarion brand. Studiol Lodge closed in the fall as problems continuedto grow. Priofr to the closing, the hotel conference centerr was damaged by a September The property has been operating for about a montjh as theInnPlace Hotel. It is beintg managed in receivership by PrismHotels & Resorts, a Dallas-based hotel developer and property-management firm. Kyle Green, sole member of Hospitalityg Receiver LLC, a Prism affiliate, said InnPlace’s occupancy had been “up and with the high points coming around the time of theKentuckgy Derby.