Inquiring minds are looking over the new list of Hotel resorts that have recently filed for bankruptcy and it is shocking:
Maui’s Grand Wailea Resort Hotel & Spa was placed into bankruptcy with four mainland luxury resorts after the owner of the properties couldn’t restructure $1.5 billion in debt that matured yesterday.
The five resorts are expected to continue operating without disruption while their owner, a group of investors, works with lenders to restructure the debt under Chapter 11.
The move was made four days after the investors group seized ownership of eight resorts from Morgan Stanley real estate funds at a foreclosure auction.
Three resorts didn’t have debts maturing yesterday and were excluded from the bankruptcy, which was filed in New York.
Besides the Grand Wailea, the other resorts placed in bankruptcy were La Quinta Resort & Club and Claremont Resort & Spa in California, Doral Golf Resort & Spa in Miami and the Arizona Biltmore Resort & Spa in Phoenix.
As things worsen throughout the year, the list of resorts and hotels filing bankruptcy will definitely grow.
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