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Five luxury resorts across the country have been placed into Chapter 11 by an investor group led by hedge fund Paulson & Co. The resorts were group of holdings formerly known as CNL Hotels & Resorts Inc. The five are the Arizona Biltmore Resort & Spa in Phoenix, Arizona; the Doral golf resort in Miami, Florida; La Quinta in Palm Springs, California; the Claremont in Berkeley, California; and the Grand Wailea Resort Hotel & Spa in Maui, Hawaii.The Doral, shown at right, is famous for its golf course known as the Blue Monster and hosts an annual PGA Tour event. The Claremont Hotel Club & Spa has been around for nearly a century and was once a residential hotel, convention hall and concert venue for Louis Armstrong and others. Now it is a luxury resort in the hills outside of San Francisco with a 20,000-square-foot spa. La Quinta Resort & Club has 45-acres grounds, 41 pool and five world class championship golf courses.
It will be business as usual for all resorts involved. The five resorts and their affiliates listed assets of $2.2 billion and debts of $1.9 billion in court papers. Paulson is offering the properties a $30 million bankruptcy loan to keep going. Each of the resorts is managed by a third party operator.
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