Possible Ownership Changes Coming to AZ Biltmore, Grand Wailea, and La Quinta Resort??

Discussion in 'Hilton | HHonors' started by LAXjunkie415, May 23, 2012.  |  Print Topic

  1. LAXjunkie415

    LAXjunkie415 Gold Member

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    Bloomberg reported today that a group led by Paulson & Co. plans to sell the Arizona Biltmore, Grand Wailea and La Quinta Resort & Club in California as an effort to bring the hotels out of bankruptcy.

    Specifically it is noted:

    A group led by Paulson & Co. plans to sell the Arizona Biltmore resort and the Claremont Hotel Club & Spa in Berkeley, California, as part of an effort to bring the properties and two other hotels out of bankruptcy.
    Paulson, a New York-based hedge fund, and co-investor Winthrop Realty Trust (FUR) are marketing the Arizona Biltmore in Phoenix with a opening price of $425 million, and the 279-room Claremont Hotel starting at $80 million, according to two people familiar with the plans, who asked not to be identified because the marketing details are private.
    The Paulson group placed the hotels and three others in bankruptcy last year after seizing them in a foreclosure auction. Two of the properties, Grand Wailea in Hawaii and La Quinta Resort & Club in California, may also be sold as the group seeks to remove the resorts from bankruptcy, said Michael Ashner, chief executive officer of Boston-based Winthrop.

    The Paulson-led group plans to remove Hilton Worldwide Inc. as manager of the Arizona Biltmore, La Quinta Resort and the Grand Wailea, according to to documents filed with the bankruptcy court. Hilton’s removal would “unlock substantial value,” according to the filings.

    Wonder who the new management will be?

    Full article available here: http://www.bloomberg.com/news/2012-...p-to-sell-hotels-to-end-their-bankruptcy.html
     
    From NYC, sobore, LIH Prem and 3 others like this.
  2. kyunbit
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    kyunbit Silver Member

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    oh no! thats a big blow to Hilton!
     
  3. uggboy
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    uggboy Gold Member

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    Unbelievable news, thanks for sharing, we will see how it goes in this economy!
     
    LIH Prem likes this.
  4. LAXjunkie415

    LAXjunkie415 Gold Member

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    You would think at these prices, certainly for a holiday weekend in Phoenix, they would be killing it for a Waldorf. Well, maybe I am missing something.

    ScreenHunter_01 May. 24 00.48.jpg
     
    uggboy likes this.
  5. LIH Prem
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    LIH Prem Gold Member

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    how does "unlock substantial value" work?
     
    uggboy likes this.

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