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Judge Appoints Midas Hospitality as Receiver for
the Comfort Inn in St. Louis, Missouri

One of Several of the Roberts Cos. Hotels Nationwide that are the Subject of Lawsuits

By Lisa Brown, St. Louis Post-DispatchMcClatchy-Tribune Regional News

April 24, 2012--A circuit court judge has appointed a receiver to oversee operations of the Comfort Inn in the Central West End that is owned by the Roberts Cos.

The hotel is the subject of a legal dispute between Roberts Cos. and its lender, Pulaski Bank. St. Louis-based Roberts Cos. is owned by brothers Michael and Steven Roberts.

Earlier this month, Pulaski Bank sued a Roberts Cos. affiliate, alleging the brothers are in default on a loan to renovate the hotel and owe $6.9 million in principal, interest and other fees. The bank sought a court order for the appointment of a receiver to oversee operations of the hotel.

In a hearing today, Judge Steven Ohmer approved the bank's motion for the appointment of Midas Hospitality of Maryland Heights as receiver of the Comfort Inn, located at 4630 Lindell Blvd. Midas has been operating the hotel on a preliminary basis since the lawsuit was filed, said J.T. Norville, Midas' chief financial officer and principal.

Under receivership, the hotel will remain open and reservations will be honored, Norville said. "The Comfort Inn flag will remain the same," he said.

The hotel is one of several of the Roberts Cos.' portfolio of 11 hotels nationwide that are the subject of lawsuits. Bank of America filed a lawsuit against the Roberts brothers on April 4, alleging the brothers are in default on a loan related to renovations of six Roberts Cos. hotels outside of Missouri. Several of the hotels in the portfolio closed after renovations were completed. Bank of America alleges the Roberts brothers owe more than $34 million related to the loan.


(c)2012 the St. Louis Post-Dispatch

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