A Florida bank has taken ownership of a closed high-rise hotel in South Toledo after buying the property for $1.4 million.
Lender TransCapital Bank of Hallandale Beach, Fla., closed on the purchase of the 11-story former Clarion Hotel at 2340 South Reynolds this month after a foreclosure action last year against the property's Miami Beach owners, operating as Toledo Hotel Investment Group LLC, which defaulted on $2 million in loans.
The 261-room hotel has been closed since July, 2008. It opened in 1974 as a Ramada Inn.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.