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Three More Roberts Brothers Hotels Sold in Bankruptcy
Auction for a Combined $5.2 million

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

March 25, 2013--Three out-of-state hotels owned by St. Louis development firm Roberts Cos. were sold at auction last week.

The hotels, located in Tampa, Fla., Spartanburg, S.C., and Marietta, Ga., sold in an online auction March 19 for a combined $5.2 million, according to court filings. A hearing is set for April 3 in St. Louis to finalize the sales.

Each hotel had four bidders, according to court filings. Harishyan Singh bought the Tampa hotel for $1.14 million; Sumitra Arora bought the Spartanburg hotel for $2.5 million; and Edgar Olivares, Pronto GC LLC paid $1.6 million for the Marietta hotel.

Six hotels owned by Roberts Cos. filed for bankruptcy in 2012 that were related to a $34 million lawsuit Bank of America filed the same year seeking repayment on loans made to Roberts-owned entities that were in default. A Roberts-owned hotel in Houston related to the lawsuit sold in February for $2.1 million to Joya Hospitality LLC. The other two hotels are located in Dallas and Shreveport, La.

The Roberts Cos. is a privately held company owned by brothers Michael and Steven Roberts. Roberts' television broadcasting arm, Roberts Broadcasting, also filed for bankruptcy in 2011.

Last year, the Roberts brothers agreed to a consent judgment with Bank of America for $35.9 million, and agreed to sell the six hotels related to the suit to pay for the judgment.


(c)2013 the St. Louis Post-Dispatch

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