Carew Tower hotel faces another foreclosure

Carew Tower
Carew Tower(WXIX)
Published: Nov. 11, 2022 at 12:44 PM EST
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CINCINNATI (FOX19) - Downtown Cincinnati’s landmark 49-story Carew Tower hotel faces foreclosure just a few months after other portions of the city’s second-tallest building were sold.

It’s the latest issue for the city’s second-tallest building after Great American Tower.

Built in 1930 with art-deco architecture, the Carew Tower has a mix of tenants, most notably the 561-room Hilton Cincinnati Netherland Plaza Hotel, offices on the first and second floors, retail and restaurants.

Portions of the building for offices and retail were sold on Aug. 18 to an affiliate of New York-based Veles Partners LLC, Victrix Investments.

The previous owner, Greg Power, CEO of Belvedere Corp., faced foreclosure for defaulting on a $9.7 million loan, court records show, and also owed hundreds of thousands of dollars in unpaid utility bills.

Previously | Duke Energy threatens to cut electric service to Carew Tower, Netherland Plaza

Now, new court records say the owner of the 561-room Hilton Cincinnati Netherland Plaza Hotel defaulted on a 2019 loan in 2021, according to the Nov. 7 foreclosure complaint filed in Hamilton County Common Pleas Court.

Cincinnati Netherland LLC owes more than $76 million as well as another $10.6 million in taxes and fees to business partners and state and federal governments, a motion states.

The hotel remains open and accepting reservations.

The plaintiff in the foreclosure, Wells Fargo Bank, National Association, as trustee, is requesting a receiver be appointed to collect all rents, profits and income and manage and operate the hotel, according to a motion filed with the foreclosure.

The receiver will have the “authority to enter into a purchase agreement for the purpose of selling the mortgaged property free and clear of all liens,” the court record states.

A Nov. 22 hearing on that will take place before Hamilton County Common Pleas Court Magistrate Anita Berding.

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