Bankrupt Vestin Unit Seeks Green Light On $55M Hotel Sale

Law360, Dallas (September 26, 2012, 10:11 PM EDT) -- A subsidiary of Vestin Originations Inc. asked a Texas bankruptcy judge Tuesday to approve a $55 million sale agreement for its Sheraton-branded hotel in Fort Worth to a subsidiary of Dallas-based Prism Hotels & Resorts.

The Sheraton Hotel and Spa, owned by Vestin unit 1701 Commerce LLC, filed for Chapter 11 bankruptcy in March, fending off a possible foreclosure. In court filings, Vestin said the purchase price will be enough to pay off all creditors of its estate in full, and asked U.S. Bankruptcy Court Judge...
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