Foreclosure notices are on the rise again in the Atlanta Metro area and even some well known buildings are now at risk of default. According to the AJC, one of metro Atlanta’s ritziest lodging addresses — the building housing the W Hotel in Buckhead — has been put on foreclosure notice.
The property, a former Crowne Plaza, was renovated into the flashy Starwood boutique brand in 2008 with tremendous publicity. The interior is designed by Thom Filicia of “Queer Eye for the Straight Guy” fame and the rooftop bar is part of New York celebrity nightspot operator Rande Gerber’s chain.
The building’s financial distress is another symbol that metro Atlanta’s commercial and residential real estate sectors are still struggling to recover from the long economic downturn.
Mit Shah, chief executive officer of Atlanta-based Noble Investment Group, which owns the W property, said Monday that the company is working with Prudential, the lender, to restructure the almost $62 million loan that matures in November. The foreclosure notice was first advertised in July.
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