LANCASTER, PA— According to a report in Lancaster New Era, a Boston bank has filed a lawsuit in Lancaster County Court to take over ownership of the downtown Ramada Inn Brunswick Conference Center because the hotels owner has fallen behind on debt payments. Attorneys for State Street Bank and Trust Co. claim L.A. Brunswick Associates LP, the Ramada Inns owner, owes the bank almost $5.2 million. The bank is moving in court to foreclose on the 221-room hotel at East Chestnut and North Queen streets because its owner has defaulted on its mortgage. GF Management Inc. of Philadelphia has managed the hotel for the last three years, but the bank has hired property manager Hostmark Hospitality Group of Schaumburg, Ill., to turn around the 31-year-old Lancaster hotels finances. The hotel will remain open, but the building eventually will be sold at a sheriffs sale, said the newspaper. GF Management officials last Thursday told the hotels 50 employees Hostmark will take over Dec. 24. The hotels restaurant closed last week, and the restaurant staff shifted to banquet work. An earlier round of layoffs affected management-level employees, the paper said. SOURCE: Lancaster New Era
Previous ArticleHotel-Brokerage Companies Slimming Down
Next Article New Hotel Brokerage Firm Introduced