Matter of MacOn Uplands Venture

OWENS, Chief Judge:

The Macon Hilton Hotel is a sixteen story, 302 guest room facility, located in downtown Macon, Georgia. From its opening in December 1970, until its sale to New Uplands, Inc. in September 1972, the hotel operated unsuccessfully under the management by contract of Hilton Hotels Corporation. When New Uplands, Inc. purchased the property in September 1972, the owner conveyed title subject to an outstanding 7% %, monthly payment, $3,300,000 final payment due May 1, 1986, first security deed loan to Metropolitan Life Insurance Company and an outstanding some $2,500,000 second…