Eagle Hospitality Gets OK For $482M Hotel Sale In Ch. 11

Law360 (May 28, 2021, 8:26 PM EDT) -- A Delaware bankruptcy judge on Friday approved Eagle Hospitality's $481.9 million Chapter 11 sale of 14 of its hotels, rejecting calls by a failed bidder for more time to solidify a new last-minute offer.

Following a virtual hearing, Judge Christopher Sontchi denied the requests of Constellation Hospitality Group and a group of Eagle's equity holders to delay the sale to give Constellation more time to secure funding for its newly submitted bid, saying Constellation's offer wouldn't be ready in the immediate future and didn't appear to be a better deal.

"If you want to disrupt a sale hearing at the last...

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