An 89-room hotel in Prince George’s County is slated to be sold at auction next month, the apparent victim of multiple challenges including the ongoing coronavirus outbreak and increased competition.
Alex Cooper Auctioneers has scheduled a May 14 substitute trustees’ sale for the Holiday Inn Express & Suites – I-95 Capital Beltway at 9101 Basil Court in Upper Marlboro. The auction house was retained by representatives for a group of note holders that moved to foreclose on the property April 22 after its owner, Arihant Hotels LLC, allegedly defaulted on a $7.2 million refinancing loan taken out in 2013. The initial deposit for bidders is $200,000, per the Alex Cooper website.
Arihant Hotels agreed to assume the debt when it acquired the property from Lanham Hotels LLC for $8.3 million in 2016, according to Maryland land records. It still owes about $5.8 million, according to loan servicing data. Representatives for the LLC, including resident agent Vivek Baid, could not be immediately reached for comment.
