Mounting Debt Sends 2 Harp Group Hotels Into Ch. 11

Law360, New York (August 18, 2009, 6:07 PM EDT) -- The InterContinental Chicago O'Hare luxury hotel and the Radisson Hotel at Los Angeles International Airport, both owned by real estate investment and development company Harp Group, have filed for Chapter 11 following their failure to renegotiate nearly $300 million of combined debt.

Harp filed the petitions Monday in the U.S. Bankruptcy Court for the Northern District of Illinois, saying it needed to restructure amid a downturn in the hotel market.

“We've seen the markets drop off anywhere from 20 to 40 percent,” Harp Group President Peter...
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