Activate Hospitality LLC offered a $24.6 million bid that will open the bankruptcy auction of the Holiday Inn Palm Beach Airport hotel owned by a unit of AD1 Global Hotels LLC.
Subject to court approval, Activate, a hotel investment firm founded by Sagar Desai, will collect a $200,000 break-up fee if another bidder outbids its stalking horse bid, according to a Sunday court filing with the US Bankruptcy Court for the District of Delaware.
AD1 Global, which owns 25 hotels and other properties in development, placed several units into Chapter 11 bankruptcy in January to sell eight properties.
The subsidiaries, ...
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