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Owner Hangs Do Not Disturb Signs on Two Hotels

ORLANDO-Unable to find financing until it could sell the assets, Orlando Hyatt Hotel Associates tells a US Bankruptcy Court judge it can no longer operate its 919-room, 20-year-old Hyatt Orlando near Walt Disney World and the 281-room, 40-year-old Downtown Four Points Sheraton.

By Alex Finkelstein | Updated on September 15, 2003

ORLANDO-Two popular area hotels have closed after owner Orlando Hyatt Hotel Associates told a US Bankruptcy Court judge it can no longer operate the 919-room, 20-year-old Hyatt Orlando near Walt Disney World and the 281-room, 40-year-old Downtown Four Points Sheraton.

The owner has been under Chapter 11 protection from creditors since May 1, 2002. Orlando Hyatt Hotel Associates LP of Rockville, MD filed for protection after contesting a $29.5 million loan debt to Chicago-based LaSalle Bank.

According to court filings, Hyatt Orlando had found a buyer willing to pay $26.5 million for the two properties but could not find financing to fund the hotel’s payroll and other expenses until the sale closed.

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