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Nesbitt Portland Property Files for Bankruptcy

Nesbitt Portland Property LLC and seven affiliates, which operate eight Embassy Suites Hotels in the U.S., sought bankruptcy protection from creditors to refinance debt and obtain funds to renovate the hotels.

The company, based in Carpinteria, California, along with its seven affiliates each listed debt of more than $100 million and assets of more than $10 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Santa Barbara, California.

The companies sought court protection “to give us the opportunity to reorganize and get these hotels back on their feet,” said Craig Stechman, senior vice president of sales and marketing for Windsor Capital Group, in a telephone interview today.

Santa Monica, California-based Windsor owns and operates more than 20 hotels in 11 states, including the eight bankrupt companies, according to Stechman and the company’s website. It has 18 Embassy Suites Hotels, one full-service Marriott Hotel, a Marriott Courtyard and a Renaissance Hotel.

The hotels that sought bankruptcy are located in Tigard, Oregon; Bellevue and Lynnwood, Washington; El Paso, Texas; Denver and Colorado Springs, Colorado; Livonia, Michigan, about 20 miles west of Detroit; and Cincinnati, court papers show.

The companies were forced to seek court protection after defaulting on a loan, Stechman said. While the company has a good cash flow, the bankruptcy filing will be used to access funds to refinance debt and refurbish the hotels, he said.

The case is In re Nesbitt Portland Property LLC, 12-12883, U.S. Bankruptcy Court, Central District of California (Santa Barbara).

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