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Shubh Hotels Files for Bankruptcy After Hilton Pulls Pittsburgh License
Shubh Hotels Pittsburgh LLC, the owner of Pittsburgh’s largest hotel, filed for bankruptcy protection days after Hilton Hotels Corp. terminated its franchise license agreement.
The Boca Raton, Florida-based company listed assets of as much as $50 million and debt of as much as $100 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Pittsburgh.
Hilton Hotels terminated a 20-year franchise agreement and pulled its name from the hotel last week, according to the Pittsburgh Tribune-Review. Shubh bought the 713-room hotel in downtown Pittsburgh in 2006 for $28 million.
The 20 largest creditors without collateral backing their claims are owed a total of $27.4 million, according to court papers. BlackRock Financial Management Inc. is listed as the largest unsecured creditor, owed $20 million. Hilton Hotels, owned by New York-based Blackstone Group LP, is owed $4.2 million, court papers show.
The case is In re Shubh Hotels Pittsburgh LLC, 10-26337, U.S. Bankruptcy Court, Western District of Pennsylvania (Pittsburgh).
To contact the reporter on this story: Dawn McCarty in Wilmington at dmccarty@bloomberg.net
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