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By Paul Brinkmann
October 14, 2011
The owner of the Sagamore Hotel in Miami Beach has filed for Chapter 11 bankruptcy while in foreclosure.
Sagamore Partners Ltd. declared between $10 million and $50 million in assets, and a similar range for debts.
The company listed a $12.5 million loan from 14th Brickell West Ltd. under unsecured claims.
In December 2009, a commercial mortgage-backed security fund (CMBS) called JPMCC 2006 LDP7 Miami Beach filed a $31.5 million foreclosure suit against Sagamore. LNR Property Corp. was the special servicer.
The hotel missed last three mortgage payments before the foreclosure in 2009, according to data from CMBS analysis firm Trepp LLC.
The Sagamore Hotel has been marketed as The Art Hotel because works of art cover its walls. It housed a restaurant called Social Miami, which closed in 2008.
Social Miami is among the creditors in the bankruptcy, listed with a claim of $235,291. Others creditors include three Miami-based law firms: Hall Lamb & Hall, $534,000; Berger Singerman, $170,855; and Greenberg Traurig, $354,708.
Marty Taplin signed the petition as a member of Sagamore Ltd.
Bankruptcy attorney Peter Russin did not immediately respond to request for comment regarding the bankruptcy.