|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.
(c)2012 the St. Louis Post-Dispatch
Visit the St. Louis Post-Dispatch at www.stltoday.com
Distributed by MCT Information Services
This article is copyright protected by
Hotel-Online. Reuse by other media or news outlets or organizations is
prohibited without permission. Personal use and sharing via social
media tools is encouraged.