For the developers of The World Quest condo hotel resort near Disney, 2009 is off to a poor start.
Following their failed auction last year, the owners have struggled with sales -Â as have most of the area’s condo hotels. Now, according to the Orlando Business Journal, WachoviaÂ has filed a foreclosure suit for $31 million.
“The incredible nature of recent economic events made sales almost impossible to come by…” said Tony Ruben, president of the parent group of WorldQuest Resort.
The perfectly placed resort is nevertheless currently operational with guests despite having built only 7 of the 18 planned buildings – and the developers are still hopeful of finding a way out of their predicament.
The good news: Orlando hotel occupancy is up.
Visit our condo hotel page forÂ more information on Orlando condo hotels. Investors interested in buying bulk condotel units should contact us for more information.