SAN JOSE — The proprietor of two Bay Region accommodations, one particular in San Jose and a person in San Mateo, has filed for personal bankruptcy, grim new proof of the widening economic woes the lodging field faces whilst the coronavirus rages on.
Eagle Hospitality Belief, which owns 18 motels in the United States, such as 8 in California — the entire world-famous Queen Mary Resort in Extensive Beach front among the them — has filed for a Chapter 11 individual bankruptcy in an try to reorganize its finances.
Four Details by Sheraton San Jose Airport and Getaway Inn Resort & Suites in San Mateo are between the hotels owned by Eagle Hospitality Believe in, in accordance to firm paperwork and bankruptcy court records.
Eagle Hospitality mentioned 27 subsidiaries, formally regarded as corporate entities, ended up involved in the individual bankruptcy submitting and that it’s possible prospective buyers could be observed for some or all of the 18 accommodations.
“The Chapter 11 entities intend to commence a promoting course of action to sell the related motels,” Eagle Hospitality mentioned in a release that announced the personal bankruptcy submitting.
4 Details by Sheraton is a 196-place lodge at 1471 N. Fourth St. in San Jose, though Holiday getaway Inn Lodge & Suites has 220 rooms and is found at 330 N. Bayshore Blvd. in San Mateo.
Just one substantial-profile lodge caught up in the Eagle Hospitality personal bankruptcy: The Queen Mary Hotel, a historic floating lodging docked in Long Seashore.
Eagle Hospitality’s submitting suggests that complications in the hotel sector, which has been battered by the coronavirus, continue on to worsen, according to Alan Reay, president of Irvine-centered Atlas Hospitality Team, which tracks the lodging sector.
“This is an early indicator of the issues facing the resort industry in 2021,” Reay claimed.