Tucson’s blue neon landmark, the Viscount Suite Hotel is facing a trustee’s sale on an $8.5 million loan. The 216-room hotel on four floors is located at 4855 E. Broadway Blvd. in Tucson, east of Swan on Broadway Blvd.
Viscount Partners LLC, an affiliate of HSL Properties of Tucson (Humberto Lopez) holds the note. Local developer Joseph Cesare owns the hotel through his company Broadway Hotel One. Viscount Partners LLC purchased the mortgage from National Bank of Arizona in 2011 for $4.5 million.
Many local hotels have faced bankruptcy and foreclosure over the past few years due to the recession. The most recent being the JW Marriott Starr Pass Resort and Spa that filed receivership in 2011, and planned a trustee’s sales in 2012 that was postponed. The property is again facing auction as reported previously in the Real Estate Daily News.
The Westin La Paloma was sold emerging from Chapter 11 in 2012.
Pima County records also indicate that Broadway Hotel One owes unpaid property taxes since May 2010, totaling more than $950,000 with interest for the Viscount.
The property is scheduled for auction on May 8 on the steps of Pima County courthouse. Western Regional Foreclosures is handling the sale and can be reached at (623) 581-3262.