The foreclosure of one of the largest full-service hotels in the region was finalized today.
At a court auction, U.S. Bank National Association bid $7 million of the roughly $24 million it is owed from the delinquent mortgage on the 289-room Sheraton at Montague Avenue and Goer Drive in North Charleston.
Charleston County Master-in-Equity Mikell Scarborough received no other offers at the sale.
U.S. Bank’s offer was a “credit bid,” meaning no money will change hands.
The lender filed a foreclosure lawsuit in March 2011 against APHM North Charleston LLC, less than a year after the borrower fell behind on its mortgage payments,
At the same time, the bank appointed a company affiliated with Prism Hospitality of Dallas to replace APHM as the operator of the hotel.
APHM paid $20 million for the Sheraton in 2006. The company has close ties to San Diego-based American Property Hospitality Management LLC.
See Wednesday’s editions of The Post and Courier for more details.