CNL Hotels & Resorts is seeking to file for bankruptcy-protection, The Wall Street Journal reports. The owner of eight resorts is seeking protection ahead of a deadline to repay around $1.5 billion in debt on five of those properties
New owners of the hotel portfolio are in talks with creditors in hopes of getting an extension on the debt. The $1.5 billion debt due is part of $3.3 billion in total obligations spread across various tranches.
Click here for the story from The Wall Street Journal.