Biz Buzz: Owner of SLO's Courtyard Marriott in default San Luis Obispo Tribune
Ocean Park Hotels Top LLC filed its opposition to the complaint ordering a receiver on April 23, according to the court’s website. A motion for the appointment of a receiver is set for May 6 in Ventura County Superior Court.
Terry Westrope, vice president of administration for Ocean Park Hotels, declined to comment Wednesday about the possibility of receivership for the hotels, referring calls to the president, James Flagg. Flagg could not be reached for comment.
The attorney representing Nationwide Life Insurance Co. was unavailable for comment.
Ocean Park Hotels, which has plans to build a Hampton Inn in San Luis Obispo (according to the company website) is one of several local hoteliers in distress in this tough economy.
A recent survey by Atlas Hospitality Group, a real estate firm specializing in hotel properties, shows that the number of hotels in default and foreclosure in California continued to increase in the first quarter of this year. A total of 406 have either defaulted or been foreclosed on, up from 101 in the same period a year ago.
