The Florida developer who agreed to buy the Belvedere Hotel has backed away from the deal, prompting the bank holding a first mortgage on the hotel to move to put the historic structure on the auction block.
Kenneth F. Davies, the court appointed trustee for the Belvedere, said today that Judah Hertz, the proposed buyer of the hotel, has "simply walked" from his agreement to buy the Belvedere for $5.5 million.
As a result, Davies said he is considering legal action against Hertz, whose agreement to buy the hotel was unconditional. "He couldn't get it together," Davies said of Hertz.
Following Hertz's action, Davies said, Meritor Bank of Philadelphia has filed in Baltimore City Circuit Court to have a receiver appointed who would collect all of the hotel's receipts until a foreclosure sale can be scheduled. The sale could be scheduled as soon as Dec. 27, although Davies said all affairs now booked for dates up to Jan. 1 would be allowed to continue.