Eagle Hospitality Real Estate announces successful bidders for hotels

By Sarah Lizee

Olympia, Wash., May 21 – Eagle Hospitality Real Estate Investment Trust unit EHT US1, Inc. named the successful bidders for 15 of its hotels in court documents filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

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.

A sale hearing is scheduled for May 28.

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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