The former Crowne Plaza, at right, as it appeared in 2005. The H.B. Davis building, at left, has since been demolished. Hartford Courant File Photo/John Woike
The nearly two-year struggle for the owners of the former Crowne Plaza in downtown Hartford has ended in the loss of the 350-room hotel to foreclosure.
CHOA Vision, a group of Korean Americans bought the Morgan Street hotel in 2007 for $20 million. CHOA owed $13 million on its mortgage in late 2010 when the group filed for bankruptcy. An appraisal at the time pegged the value of the building at $9.2 million.
An appraisal by the city for the recent revaluation lists a proposed fair market value at $11 million.
The holder of mortgage — 50 Morgan CT LLC — filed for foreclosure in July. Last fall, the courts ordered day-to-day management be turned over to a receiver, GF Management of Philadelphia, which secured the Ramada name for the hotel.
Michael J. Albano, an attorney for 50 Morgan CT, could not be immediately reached for comment today.
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6 Responses to Former Crowne Plaza In Downtown Hartford Lost To Foreclosure
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Make it a casino.
Steve Wynn was once interested in building in Hartford in the early 1990s.
[...] Former Crowne Plaza In Downtown Hartford Lost To Foreclosure [...]
Another sad day for Hartford.
The people on this site http://dinnerwithcupid.blogspot.com would like to move in.
Go Whale!
Downtown Hartford is Mostly Expensive Restaurants with Bars and Banks. Where is the shopping?, the movie theaters, the Friendly Discos/clubs like Lorien’s. I used to go there by myself and I was always asked to dance. Now – if you dont go to a club with another person – no one asks you to dance and I wont go again!!!
Remember G. Fox, Alberts Hosiery, J. J. Newberry’s, CVS, Pelican’s, and The Civic Center that had all those great retail stores there. Hartford is a ghost town on the weekends unless there is an event at the XL Center. I have never been.
Why is Hartford going down the tubes in more ways than one – not to mention the quality of life!!!!!
If I could affort to move I would!!!!!
Any solutions out there????
Because Lisa, you are describing a system that discriminates on its own constituents virtually on a daily basis. Take City Hall, every election year with all these “candidates” doing their typical spiel of wanting to get elected only to forget about us after they win and disappear until yet another four years repeating the same perpetual cycle. Look at the current mayor! Ever since his inauguration he has taken the role of an elite (and pompous) figure (frankly he’s indistinguishable from our last mayor) almost constantly spewing his apologist b.s for most of his senseless decisions. Just do a bit of research of who truly endorsed him and the answer will be quite clear. Hint: We’re currently the capital of it. I agree with your argument but unless we change the current yet archaic system of the city, little will be done to turn Hartford around:(