Hotel ownership won't have an American receiver appointed to it after all, but the legal dispute between two shareholders continues. The Crowne Plaza is healthy, though, with $15 million in projected revenue this year and 30 percent gross profit margin.
New attorneys for the hotel's Brazilian court-appointed administrator got a stay Thursday morning on Monday's order for a U.S. receiver to take over the asset. They'll now argue that $4 million sent from the hotel's owner to a Brazilian cattle operation was legit.
Maryland-based Marshall Hotels & Resorts takes over property management, tasked in helping to recover $4 million improperly transferred out of country by the former Brazilian court-appointed administrator.
An Orlando-based construction firm filed in Orange County Circuit Court for a U.S.-based receiver to manage the Orlando hotel's ownership. The majority stake is controlled by a Brazilian court-appointed administrator after its CEO went to prison.