JPMorgan to Get Part of Luxury Resort After IMH Seeks Bankruptcy

IMH Financial Corp., a real estate holding company that manages the 150-year-old MacArthur Place Hotel & Spa in California’s wine country, filed for bankruptcy Thursday with plans to hand ownership to JPMorgan Chase & Co.

IMH purchased MacArthur Place, a 64-room luxury resort in Sonoma, California in 2017 for $36 million, according to court papers. Massive wildfires in California derailed plans to renovate the hotel, then the pandemic forced it to temporarily close in March. The real estate firm held just a 10% stake in the hotel itself after selling 90% to outside investors in late 2017, and ...