SAN JOSE — The proprietor of two Bay Location lodges, 1 in San Jose and a person in San Mateo, has submitted for personal bankruptcy, grim new evidence of the widening financial woes the lodging business faces even though the coronavirus rages on.
Eagle Hospitality Rely on, which owns 18 inns in the United States, including 8 in California — the earth-well known Queen Mary Hotel in Extensive Beach front between them — has submitted for a Chapter 11 personal bankruptcy in an try to reorganize its funds.
4 Points by Sheraton San Jose Airport and Getaway Inn Lodge & Suites in San Mateo are amid the inns owned by Eagle Hospitality Have faith in, according to company paperwork and bankruptcy courtroom records.
Eagle Hospitality reported 27 subsidiaries, formally identified as company entities, ended up involved in the personal bankruptcy filing and that it’s feasible potential buyers could be discovered for some or all of the 18 accommodations.
“The Chapter 11 entities intend to start a advertising and marketing method to promote the pertinent motels,” Eagle Hospitality mentioned in a release that announced the individual bankruptcy filing.
Four Details by Sheraton is a 196-space hotel at 1471 N. Fourth St. in San Jose, even though Getaway Inn Lodge & Suites has 220 rooms and is located at 330 N. Bayshore Blvd. in San Mateo.
Just one significant-profile hotel caught up in the Eagle Hospitality bankruptcy: The Queen Mary Hotel, a historic floating lodging docked in Long Beach front.
Eagle Hospitality’s submitting implies that issues in the lodge sector, which has been battered by the coronavirus, carry on to worsen, according to Alan Reay, president of Irvine-based mostly Atlas Hospitality Team, which tracks the lodging current market.
“This is an early indicator of the troubles facing the resort field in 2021,” Reay said.