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Published: Saturday, 5/15/2010

Florida bank purchases closed South Toledo hotel

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.

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