Raoul Thomas’ CGI racks up another foreclosure, could lose Miami Beach hotel

For the second time in two years, Raoul Thomas’ CGI Merchant Group could lose a South Florida hotel to foreclosure.  The legal action is the latest blow to Thomas’ real estate empire, which has been significantly reduced in the past year following the seizure of other commercial properties.  An affiliate of Miami-based CGI allegedly defaulted on a $69 million mortgage debt secured by the 140-key Gabriel South Beach at 620-650 Ocean Drive in South Beach, according to real estate database Vizzda and a July 17 lawsuit filed by Park Central Lender, an entity managed by Shadi Shomar in Miami.  Consisting […]This article originally appeared on The Real Deal. Click here to read the full story.