Agentis Reaches $100 Million Settlement for Client in Hotel Bankruptcy
Business Law News
Agentis
Miami
CORAL GABLES, FL – September 8, 2022 – The Agentis law firm achieved a settlement of $100 million for its client Rialto Capital Advisors, LLC, the primary creditor in the bankruptcy of the Hilton Houston Post Oak Hotel. The case was heard in the U.S. Bankruptcy Court, Southern District of Florida in West Palm Beach.
“The settlement provides for transfer of substantially all of the hotel owner’s assets to Rialto and the payment of unsecured claims to other creditors via a Chapter 11 plan proposed by Rialto and approved by the Bankruptcy Court," said Jacqueline Calderin, managing partner of Agentis.
The hotel has been owned by Post Oak TX, LLC, which in turn is wholly owned by Hotel Resort Properties LLLP, (HRP) whose shareholders include PGA USA, Inc., and Hotel Resort Company. E. Llwyd Ecclestone Jr. is chairman and president of HRC.
The claim stems from a series of loan agreements between the debtor and JP Morgan Chase Bank in 2014 and a Chapter 11 bankruptcy filing by the debtor in August 2021. Rialto is Chase’s successor in the interest to the loan documents.
Hilton will continue to manage the hotel under existing agreements to be assigned as part of the transaction.
About Agentis: Agentis focuses on business and commercial disputes, business restructuring, insolvency, and bankruptcy in a variety of industries including aviation, construction, housing, healthcare, leisure, retail, telecommunications, hospitality, and entertainment. The firm is a member of Primerus, and highly ranked in Chambers USA, Best Lawyers of America, U.S. News Best Lawyers, and Florida Trend’s Legal Elite.