OXNARD : Bank Files Suit Over Radisson Parking Lot
The bank that holds the loan on the Radisson Suite Hotel in Oxnard sued the city and the developer Friday over property rights to the sprawling parking lot at the site.
The lawsuit, filed in Ventura County Superior Court, comes just four months after Manufacturers Bank declared Westland Co. of Ventura in default on $14 million in loans and $4.8 million in interest payments on the 250-room hotel at the River Ridge Golf Course.
The 7-year-old hotel is the site of the Los Angeles Raiders’ summer training camp. Its construction was partly underwritten by the city to lure the football team and gain favorable publicity.
Lawyers for the bank, the developer and the city could not be reached for comment.
The Radisson was constructed in 1986 when the city saw a chance to polish its image and boost tourism, after the Raiders announced that they were looking for a new training field for their six-week summer camp.
The city bought the hotel site and built the parking lot by issuing a $9-million bond. The hotel’s developer was to offset the city’s $985,000 yearly bond payment, but it had no money left after payments on construction loans.
The bank said in the lawsuit that the property-rights issue regarding the parking lot needs to be settled so it can determine whether to foreclose on the hotel.
Oxnard officials have said that the hotel would probably stay open even with a change of ownership.
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