Real life story: Profitable hotel owner sees foreclosure, bureaucratic bungles, loss of entire fortune….

Chandrakant Patel was forced out of Uganda in 1972, leaving behind his business and possessions, one of thousands of Ugandans of East Indian descent ousted by the late dictator Idi Amin.  After working for 25 years building hospitality properties in Grants and Santa Rosa, he is once again seeing his entrepreneurial efforts slip through his fingers.  Patel and his family started building a 121-room Four Points by Sheraton hotel at 1660 University Blvd. NE in 2007. But the failure of his lender and its subsequent takeover by the Federal Deposit Insurance Corp. in May 2009 has left the project sitting idle for nearly two years, when it was three months from completion.  The complex tale was described by Halsey Minor, founder of CNET, in a recent article in the Huffington Post, under the provocative headline, “FDIC: The Government’s Job Killer.” Minor is facing a similar situation with a hotel project in Charlottesville, Va.

• Click here for Full New Mexico Business Weekly article (above)
• Click here for Foreclosure and Hotel Site New Mexico, Maps by Google
• Click here for Huffington Post article (Full Story)
• Click here for Silverton Bank article (Atlanta, GA)