Operator of motels in Bay Region files for personal bankruptcy

Operator of motels in Bay Region files for personal bankruptcy

SAN JOSE — The proprietor of two Bay Place motels, one in San Jose and 1 in San Mateo, has filed for bankruptcy, grim new evidence of the widening financial woes the lodging industry faces even though the coronavirus rages on.

Eagle Hospitality Believe in, which owns 18 motels in the United States, together with eight in California — the planet-famous Queen Mary Lodge in Very long Beach among the them — has filed for a Chapter 11 personal bankruptcy in an attempt to reorganize its funds.

Four Points by Sheraton San Jose Airport and Holiday getaway Inn Lodge & Suites in San Mateo are amongst the hotels owned by bankrupt Eagle Hospitality Rely on, according to corporation paperwork and personal bankruptcy court docket data.

Eagle Hospitality claimed 27 subsidiaries, formally known as corporate entities, have been involved in the personal bankruptcy submitting and that it’s attainable an exertion could be built to obtain buyers for some or all of the 18 lodges, such as the two in the Bay Spot.

“The Chapter 11 entities intend to start a advertising and marketing approach to market the suitable inns,” Eagle Hospitality claimed in a geared up release issued on Jan. 20 that introduced the bankruptcy filing.

Four Details by Sheraton is a 196-area resort at 1471 N. Fourth St. in San Jose, although Holiday getaway Inn Hotel & Suites has 220 rooms and is positioned at 330 N. Bayshore Blvd. in San Mateo.

One particular superior-profile lodge caught up in the Eagle Hospitality bankruptcy: The Queen Mary Lodge, a historic floating lodging docked in Prolonged Seashore.

Eagle Hospitality’s filing implies that complications in the lodge sector, which has been battered by the coronavirus, go on to worsen, in accordance to Alan Reay, president of Irvine-based Atlas Hospitality Team, which tracks the lodging marketplace.

“This is an early indicator of the problems struggling with the resort business in 2021,” Reay claimed.

Eagle Hospitality Have faith in, which owns 18 motels in the United States, a resort in San Jose and one particular in San Mateo, has submitted a Chapter 11 individual bankruptcy in an endeavor to reorganize its funds.