|By Lisa Brown, St. Louis
Post-DispatchMcClatchy-Tribune Regional News
May 09, 2012--Hotels owned by St. Louis-based Roberts Cos. in Georgia and Louisiana filed for bankruptcy today, becoming the latest of the company's portfolio of 11 hotels to seek bankruptcy protection.
Roberts Hotels Atlanta LLC and Roberts Hotels Shreveport LLC both filed for Chapter 11 bankruptcy in federal court in St. Louis today. The hotels each list between $1 million and $10 million in estimated assets and between $10 million and $50 million in liabilities.
The hotels, which both operate under the Clarion flag, are located at 1775 Parkway Place in Marietta, Ga., in the Atlanta metro area, and at 1419 E. 70th, Shreveport, La.
On Monday, another Roberts Cos. hotel, located in Tampa, Fla., filed for bankruptcy. Six of Roberts Cos.' hotels have filed for bankruptcy since December.
The hotel bankruptcies are tied to a lawsuit Bank of America filed in April against brothers Michael and Steven Roberts, co-owners of Roberts Cos. In the suit, Bank of America alleges the brothers are in default on a loan connected to multi-million dollar renovations to hotels they own outside of Missouri, and owe more than $34 million.
The Roberts brothers said they planned to seek bankruptcy protection for the hotels named in the Bank of America lawsuit. The Roberts' hotels included in the Bank of America suit are located in Tampa, Atlanta, Dallas, Houston, Shreveport, La., and Spartanburg, S.C.
(c)2012 the St. Louis Post-Dispatch
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