Viceroy Hotels & Resorts and Lubert-Adler Real Estate Funds, owners of the Viceroy resort, are planning to file for Chapter 11 bankruptcy protection for the property, The Wall Street Journal reports. Viceroy Hotels will continue to manage the resort under the ownership of its largest secured creditor, Starwood. The current owners’ investment is likely to be wiped out. The resort’s current owners, which spent $550 million to finish the project, received a $358 million mortgage from Citigroup in 2006. Viceroy Hotels is being advised by law firm, Akin Gump Strauss Hauer & Feld, and DLA Piper is advising Starwood.
Click here for the story from The Wall Street Journal.
