SAN JOSE — The owner of two Bay Area hotels, 1 in San Jose and one in San Mateo, has filed for personal bankruptcy, grim new proof of the widening financial woes the lodging field faces whilst the coronavirus rages on.
Eagle Hospitality Believe in, which owns 18 hotels in the United States, such as eight in California — the planet-famed Queen Mary Resort in Extended Beach amongst them — has filed for a Chapter 11 bankruptcy in an attempt to reorganize its funds.
4 Factors by Sheraton San Jose Airport and Holiday Inn Resort & Suites in San Mateo are among the the motels owned by Eagle Hospitality Rely on, according to business documents and individual bankruptcy court information.
Eagle Hospitality reported 27 subsidiaries, formally recognized as company entities, were being included in the bankruptcy submitting and that it’s achievable consumers could be discovered for some or all of the 18 inns.
“The Chapter 11 entities intend to commence a internet marketing method to market the pertinent hotels,” Eagle Hospitality claimed in a release that introduced the personal bankruptcy filing.
Four Points by Sheraton is a 196-space resort at 1471 N. Fourth St. in San Jose, although Holiday getaway Inn Lodge & Suites has 220 rooms and is positioned at 330 N. Bayshore Blvd. in San Mateo.
Just one significant-profile resort caught up in the Eagle Hospitality bankruptcy: The Queen Mary Resort, a historic floating lodging docked in Very long Seaside.
Eagle Hospitality’s filing indicates that difficulties in the resort sector, which has been battered by the coronavirus, keep on to worsen, in accordance to Alan Reay, president of Irvine-based Atlas Hospitality Group, which tracks the lodging current market.
“This is an early indicator of the problems facing the resort business in 2021,” Reay claimed.