Grand Rapids Crowne Plaza avoids foreclosure ... for now

The Crowne Plaza Hotel in Grand Rapids, Mich., avoided foreclosure temporarily after $148,927 in delinquent property taxes was paid. Representatives of the troubled lodging facility are negotiating payments of $305,000 in rental excise taxes.

Kent County was preparing to foreclose on the hotel for unpaid 2011 property taxes, but the debt was paid last week. Kent County treasurer Ken Parrish is unsure whether the delinquency was paid by the San Diego-based Chhatrala Group that owns the hotel or the bank that holds a mortgage on the property.

The company still owes $435,500 in back property taxes for 2012 and 2013, a fact that could cause the foreclosure process to resume in about a year if the debts are unpaid.

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The company has until March 31 next year to pay the 2012 property tax delinquency of $231,385. The company also owes $204,115 for 2013 though both those amounts will increase up to a maximum 18 percent annually in interest.