Eagle Hospitality REIT receives court approval of hotel sales

By Sarah Lizee

Olympia, Wash., May 28 – Eagle Hospitality Real Estate Investment Trust unit EHT US1, Inc. received court approval to sell 15 hotels, according to orders filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, stalking horse bidder Madison Phoenix LLC, an affiliate of Monarch Alternative Capital LP and the debtors’ debtor-in-possession lender, was the successful bidder for the Holiday Inn Resort Orlando Suites Waterpark, the Holiday Inn Denver East Stapleton, the Renaissance Denver Stapleton Hotel, the Holiday Inn Hotel & Suites Anaheim Disneyland, the Holiday Inn & Suites San Mateo, the Sheraton Pasadena Hotel, the Crowne Plaza Danbury, the Westin Sacramento and the Embassy Suites Palm Desert, for a combined purchase price of $326.5 million. These properties were not included in the Thursday auction, as no other qualified bids other than the stalking horse bid were received by the deadline.

At auction, Solid Rock Ventures, LLC’s $9.2 million bid for the Sheraton Denver Tech Center was the winning bid, with Madison Phoenix’s $8.5 million bid being the backup bid.

BPEHT’s $41.1 million bid for the Four Points San Jose Airport was the winning bid, with Madison Phoenix’s $40.9 million bid being the backup bid.

Madison Phoenix’s $33.1 million bid for the Embassy Suites Anaheim North was the winning bid, with BPEHT LLC’s $33 million bid being the backup bid.

BPHET’s $33.8 million bid for the Double Tree Salt Lake City Airport was the winning bid, with Madison Phoenix’s $33.6 million bid the backup bid.

Finally, FullG Capital Ltd.’s $38.2 million bid for the Hilton Atlanta North was the winning bid, with Madison Phoenix’s $38 million bid the backup bid.

Singapore-based Eagle Hospitality owns a portfolio of corporate, leisure and airport hotels across the United States. U.S. affiliate EHT US1 filed Chapter 11 bankruptcy on Jan. 18 under case number 21-10036.

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