Enchantment Condo Site On Clearwater Beach Seeks Bankruptcy

The Best Western Sea Wake Beach Resort on Clearwater Beach is seeking bankruptcy protection while it restructures. Enchantment LLC, owner of the hotel, filed a Chapter 11 petition on Friday in U.S. Bankruptcy Court, Middle District of Florida, Tampa. The company estimated its assets and debts in a range of $10 million to $50 million. Bank of America brought a lawsuit to foreclose on the property in July, Pinellas court records show. Uday Lele’s Enchantment paid $25 million for the more than 25-year-old hotel in October 2005. The Indian-born entrepreneur told the Tampa Bay Business Journal in 2007 he planned to raze the hotel and construct a $180 million condo tower that would resemble a butterfly. At the time, he said the hotel was an award winning enterprise.

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