CHICAGO-A US Bankruptcy Court judge has ruled in favor of the lenders of the 556-room InterContinental Chicago O'Hare Hotel causing a setback for the hotels' developer and owner.
The ruling allows lenders, the US Bank NA and the Amalgamated Bank to file their own restructuring plan for the hotel by the end of September 2010. Prior to the judgment, the hotel's owner and developer had selected the Och-Ziff group to buy the hotel for mere $42 million during the auction. For the full story, go to Crain's Chicago Business.
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