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Roberts Brothers to Sell Six Hotels to Settle $34M Lawsuit

ST. LOUIS-Steven and Michael Roberts, the brothers who head the diversified St. Louis-based Roberts Cos., have reached a contract to sell six hotels to settle a $34-million litigation filed by Bank of America.

By GlobeSt News Hub | Updated on July 19, 2012

ST. LOUIS-Steven and Michael Roberts, the brothers who head the diversified St. Louis-based Roberts Cos., have reached a contract to sell six hotels to settle a $34-million litigation filed by Bank of America. The brothers were sued by the bank in April after defaulting on a $43-million loan delivered in 2007.

The Roberts brothers will sell their hotels located in Atlanta; Houston; Dallas; Spartanburg, South Carolina; Shreveport, Louisiana; and Tampa, Florida. Proceeds from the sale will be used to pay off Bank of America. For the full story, go to St. Louis Business Journal .

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