HOTELSMag.com - Daily News
By HOTELS Editors on 2/1/2011
ORLANDO More than 20 affiliates of CNL Hotels & Resorts Inc. have filed for bankruptcy, with more than US$1 billion in assets and liabilities outstanding.
The filing comes as five of CNL’s eight U.S. luxury hotels face a debt payment of about US$1.5 billion. The largest unsecured creditor is Hilton Worldwide, which is owed approximately US$13.4 million, Reuters reports. CNL has retained lawfirm Kirkland & Ellis and financial adviser Houlihan Lokey."
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