The Debtors are the owners and operators of the Super Budget Inn located at 800 N.Īs the local Hollywood real estate market improves, the Debtors estimate that over time, the Super Budget Inn property may gain in value. The Patels purchased the Super Budget Inn in Hollywood, Florida in 1988 as their fourth independent venture, and this property became their Homestead property. The core of the Debtors’ First Amended Plan of Reorganization includes a proposed sale of its Super Budget Inn Motel and real property to PKC Hospitality, LLC that required Court approval of such Sale and Purchase Agreement obtained on September 23rd 2016. Patel has operated as the General Manager of the Motel having accountabilities for (1) Front Desk, (2) Housekeeping, (3) Maintenance, and (4) Bookkeeping while Mrs.Īnalysis of the Debtors’ opportunities for continued income indicate the ability to service their debts in the normal course with the exception of the tax consequences associated with the loss or sale of the Super Budget Inn and property, and the forgiveness of debt as to the foreclosed mortgage thereon. Since the acquisition of the Super Budget Inn in 1988, Mr. This venture failed causing the Patels to again focus on the Super Budget Inn as an independent motel operation.
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