Mona Lisa condo hotelÂ just became the latest condo hotel to file for Ch. 11 reorganization after a series of declines in occupancy and rental rates.
Last month World Quest Resort suffered a foreclosure suit as developers struggle to keep their heads above water.
Only around 70, or 30 %, of the units have sold to dateÂ leaving Mona Lisa withÂ about 170Â units to sell.
As of the petition date, Mona Lisa is said to owe more than $36.15 million to more than 68 creditors. The largest creditor is BankFirst for $35 million, and the remaining $1.15 million in debt is owed to unsecured creditors.
Last year The Mona Lisa Suite condo hotelÂ joined Worldhotels’ deluxe collection. By joining Worldhotels, theÂ condo hotel is part of a network of properties that can be booked through 600,000 travel agent terminals.
Worldhotels is the largest and most established Europe-based global hotel group for independent hotels and regional hotel brands. The company has about 500 member properties in more than 300 destinations and 70 countries worldwide.
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