By Lisa Brown, St. Louis
Post-DispatchMcClatchy-Tribune Regional News
April 19, 2012--The Roberts Cos.' shuttered hotel in
Spartanburg, S.C., filed for bankruptcy today, marking the second time
in a week one of the company's portfolio of 11 hotels sought the
protection of bankruptcy court.
Roberts Hotels Spartanburg LLC filed for Chapter 11 bankruptcy
in federal court in St. Louis. The hotel, owned by St. Louis developers
Michael and Steven Roberts, operated as a 200-room Clarion hotel before
closing earlier this year.
The hotel lists between $10 million and $50 million in assets
and between $1 million and $10 million in liabilities.
On Monday, a Roberts Cos. affiliate, Roberts Hotels Houston
LLC, filed for Chapter 11 protection in federal court in St. Louis.
That business entity owns the 207-room Holiday Inn in Houston, which
also is closed.
In an interview with the Post-Dispatch this week, Michael and
Steven Roberts said they planned to file bankruptcies on hotels
associated with a lawsuit filed by Bank of America earlier this month.
In that lawsuit, Bank of America claims the brothers owe
$34.28 million in principal and $376,049 in interest on a loan to
renovate hotels in Atlanta, Dallas, Houston, Shreveport, La.,
Spartanburg, S.C. and Tampa.
The Roberts brothers said they've been working on a plan to
sell a stake in their hotel portfolio to an outside investor to infuse
capital in the hotels. They said they're turning to Chapter 11 as a
means to stave off foreclosure proceedings on the hotels.
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(c)2012 the St. Louis Post-Dispatch
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