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Filed under: Luxury Travel & Hotels
Another hotel developer has filed for Chapter 11. River Road Hotel Partners LLC, the developer of the InterContinental Chicago O'Hare is one of six development entities led by Harp Group Inc. involved in the filing.The 556-room hotel opened last fall. According to Crain's, River Road Hotel Partners LLC, has a $128.6-million construction loan from New York-based Amalgamated Bank that matures in February 2010 and another loan with San Diego National Bank. The developers have been trying to renegotiate the terms of the loans but the project has also been hit with liens from contractors.This Chicago hotel may not be alone, the Crain's report says that the nearby Westin O'Hare may default on a $101-million loan. Another hotel related to these developers, the Radisson Hotel at Los Angeles International Airport is also part of another Chapter 11 filing in which two Harp-related entities listed assets of $50 million to $100 million against liabilities of $100 million to $500 million. Both hotels remain open and are doing business as usual.
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