The owner of the Sagamore Hotel in Miami Beach will keep the hotel as the company emerges from bankruptcy.
U.S. Bankruptcy Judge A. Jay Cristol approved Sagamore Partners’ contested reorganization plan to cure a mortgage facing foreclosure. Sagamore Partners, led by Bay Harbor Islands hotelier Martin Taplin, will pay $4.91 million to the debt holder, JPMCC 2006-LDP7 Miami Beach Lodging, and its loan servicer, LNR Partners, to reinstate the delinquent mortgage. Taplin already has $7.93 million in escrow to pay that amount and cover the nearly $1.4 million the fight cost him in legal fees. He will also have to pay $405,844 in property taxes and other expenses.
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