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According to the Wall Street Journal today (June 28), 5th Avenue Partners LLC has filed for Chapter 11 bankruptcy. It owns and operates the tony Se San Diego Hotel and an adjacent building that houses the House of Blues. The hotel has 184 rooms, a big spa, restaurant, and rooftop bar and lounge. Lender WestLB AG Bank had sought the appointment of a receiver to take over the assets. The 5th Avenue LLC has defaulted on $67 million in outstanding loans, according to the Journal. The project got into trouble early. Construction began in early 2006 and by late 2007 the general contractor was over budget. The contractor ditched the project in the spring of 2008, causing 5th Avenue to plunk in another $30 million to complete the hotel. Assets are $10 million to $50 million and debts $50 million to $100 million, according to the Journal.
According to the Wall Street Journal today (June 28), 5th Avenue Partners LLC has filed for Chapter 11 bankruptcy. It owns and operates the tony Se San Diego Hotel and an adjacent building that houses the House of Blues. The hotel has 184 rooms, a big spa, restaurant, and rooftop bar and lounge. Lender WestLB AG Bank had sought the appointment of a receiver to take over the assets. The 5th Avenue LLC has defaulted on $67 million in outstanding loans, according to the Journal. The project got into trouble early. Construction began in early 2006 and by late 2007 the general contractor was over budget. The contractor ditched the project in the spring of 2008, causing 5th Avenue to plunk in another $30 million to complete the hotel. Assets are $10 million to $50 million and debts $50 million to $100 million, according to the Journal.