hotel bankruptcies

Siena Hotel Could Reopen In Reno

Earlier this year, the Siena Hotel Casino in Reno, Nevada filed Chapter 11 bankruptcy and eventually closed its doors. But the hotel could be primed to return. This week it was sold at auction for $3.9 million to a group of investors who plan to reopen it under the same name. U.S. Bankruptcy Judge Gregg Zive approved the sale of the Siena Hotel Spa Casino to Grand Siena LCC which beat out two other bidders, Stratus West and Northern Nevada Assets. The Reno Gazette-Journal quotes one of the new owners Jay Meilstrup, who says that the hotel is primed for a comeback. The resort will need a gaming license from the Nevada Gaming Commission and a liquor license to be back in business. The business owed about $50 million to creditors and the money from the sale will go to creditors. The buyers bought the hotel free and clear in a deal that covered the property and everything in it as well as the website.

Tags: chapter 11 bankruptcy, hotel bankruptcies, hotel bankruptcy, reno, reno nevada, siena hotel

Two More Hotels Face Chapter 11

by Deidre Woollard (RSS feed) —

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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Tags: chapter 11, Chapter11, chicago, hotel bankruptcies, hotel bankruptcy, HotelBankruptcies, HotelBankruptcy, los angeles, LosAngeles