The owner of the Sagamore Hotel in Miami Beach faces a $31.5 million foreclosure lawsuit filed by a commercial mortgage-backed securities (CMBS) fund.
Built in 1948, the 93-room hotel, at 1671 Collins Ave., missed its last three mortgage payments, according to data from CMBS analysis firm Trepp.
On Monday, JPMCC 2006 LDP7 Miami Beach, with LNR Corp. as the special servicer for the CMBS fund, filed the foreclosure action against Sagamore Partners.
The Sagamore Hotel is marketed as “The Art Hotel” because works of art cover its walls. It once housed the restaurant Social, but that closed in 2008.
Hotel owner Marty Taplin could not immediately be reached for comment. Earlier this month, Taplin told The Miami Herald he planned to reinvigorate the Sagamore Hotel by signing a marketing deal with the Playboy Club.
Representatives from LNR did not immediately return a call seeking comment.