Another Hartford hotel owner in trouble

TRD New York /
Aug.August 27, 2010 03:30 PM

Crowne Plaza hotel in Hartford

The owners of the 350-room Crowne Plaza hotel in Hartford, Conn. have filed for bankruptcy reorganization under Chapter 11, according to the Hartford Courant. The Christian Hotel Owners Association, a group of mostly Korean American investors operating as CHOA Vision LLC, purchased the 38-year-old hotel, near I-84, for $20.2 million in 2007. The property was assessed last year for $9.7 million. CHOA is seeking to restructure upwards of $10 million in debt, including $1.2 million in unpaid property taxes to the city and $300,000 in unpaid state sales taxes, according to documents filed earlier this month in federal court in California. CHOA isn’t the first hotel operator to run into trouble in the region, which has been hit hard by low occupancy rates as business travel dropped during the recession. Last year the Hilton Hartford came close to failing before the city came to its financial rescue, and the Goodwin Hotel shut down in 2008. [Hartford Courant] 

 

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