Embassy Suites Operator To Sell Off Hotels In Ch. 11 Plan

Law360, New York (June 17, 2013, 6:24 PM EDT) -- A group of bankrupt Embassy Suites hotel operators submitted a Chapter 11 reorganization plan in California bankruptcy court Sunday that calls for selling off seven Embassy Suites-branded hotels and an eighth Texas hotel to new franchisors.

Per the plan, which was jointly filed by several debtor affiliates and secured lender U.S. Bank Association NA,  the hotels will be put up for auction in an attempt to cover at least $193 million in outstanding lender claims — including a defaulted $187.5 million loan plus interest, according to...
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