As part of its Chapter 11 bankruptcy proceedings, Singapore-listed Eagle Hospitality Trust is placing what is one of the largest portfolios of distressed US hospitality assets on the market via a stalking-horse auction that will be held on May 20th. The price floor is $470 million.
If a better offer is not received in the auction, the stalking-horse bidder—Madison Phoenix LLC, an affiliate of Monarch Alternative Capital LP—will purchase the 15 properties for $470 million.
The properties in the portfolio include Doubletree by Hilton Salt Lake City Airport, Hilton Atlanta Northeast, Sheraton Denver Tech Center, Holiday Inn Resort Orlando Suites-Waterpark, Embassy Suites by Hilton Anaheim North, Holiday Inn Denver East-Stapleton, Renaissance Denver Stapleton, Four Points by Sheraton San Jose Airport, Holiday Inn Hotel & Suites Anaheim, Holiday Inn Hotel & Suites San Mateo, Sheraton Pasadena, Crowne Plaza Danbury, Embassy Suites by Hilton Palm Desert, Queen Mary Long Beach and Westin Sacramento.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
