MIDLAND, Texas — The recent listing of DoubleTree by Hilton Midland Plaza has stirred up many questions.
A $5-million price tag shown online has residents talking about the future of the DoubleTree in the Downtown Midland area.
Crexi, a commercial real estate agency, listed the hotel. However, DoubleTree's owner said the property is not even in foreclosure.
On Friday, NewsWest 9 spoke with the lodge's owner who said "the news about the foreclosure is not accurate it its entirety."
Shafik Tejani, DoubleTree's managing partner, said "I can tell you what the facts are. We had a note that matured in September of 2023. We have been trying to refinance the note but are having challenges."
"The bank servicer that is holding the note has filed at the courthouse to say that they may foreclose on the property at a certain time. But they have given us till that time to get the note that matured and paid off their note amount. So we are not under foreclosure. We don't have anything on our building that says [we are foreclosed on]. The bank has filed paperwork so that they can foreclose on us if they choose to," Tejani said.
Right now, executive staffers are seeking funding with hopes to clear the debt by August, which is their deadline.
If they are not successful; it could mean possible foreclosure.
NewsWest 9 will update this story as more information becomes available.