NJ City-Owned Hotel Checks In To Ch. 11 With Hope Of Sale

Law360, New York (September 24, 2013, 7:01 PM EDT) -- Lafayette Yard Community Development Corp., a nonprofit that owns what was once New Jersey’s Trenton Marriott Downtown, on Monday sought Chapter 11 bankruptcy protection as a result of declining revenues and in the hopes of selling the hotel.

Lafayette Yard owes about $30 million in long-term debt and is expecting to incur an operating deficit of more than $880,000 this year, according to court papers filed by Lafayette Yard Chairperson Joyce Kersey. The board hopes to reorganize its debt and sell the Lafayette Yard Hotel and...
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