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Sea Wake Loses Benbow Inn Contract; Hotel Financing Too Risky, Lenders Say
The contract for the sale of Tampa's Admiral Benbow Inn to Sea Wake Resorts of Clearwater Beach fell through because Sea Wake's president-CEO Don Seaton could not obtain financing for the hotel deal.
According to Richard Berk, owner of MBA Land & Development in Tampa, the listing agent for the property, Seaton had until June 30 to obtain financing to purchase the inn from Mobile, AL-based Morrisons Inc. Because he did not meet that deadline, the property is back on the market, Berk says.
Financing is difficult to obtain because lenders are shy about making …