Eagle Hospitality Group’s bankrupt U.S. unit will sell 14 hotels for a total of $481.9 million following court approval of deals that fetched higher prices than originally bid.
The proceeds will be used to pay off creditors and may be enough to repay pre-bankruptcy lenders “nearly in full,” the company’s attorney, Luc Despins of Paul Hastings LLP, said at a virtual hearing Friday.
Four bidders—Solid Rock Ventures LLC, Beach Point Capital Management LP affiliate BPEHT LLC, Madison Phoenix LLC, and FullG Capital Ltd.—will buy the hotels located in Atlanta; Anaheim, Calif.; San Jose, Calif.; Denver; and Salt Lake City. Stalking ...
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