225 Bowery seeks approval of bid procedures for hotel

By Sarah Lizee

Olympia, Wash., July 24 – 225 Bowery LLC is seeking approval of bid procedures for its hotel in Manhattan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The bid procedures would allow the debtor to choose a stalking horse bidder and conduct an auction.

The company is proposing to offer a 3% breakup fee and an expense reimbursement of up to $50,000.

Under the bid procedures, the bid deadline is 10 a.m. ET on Oct. 13, and an auction is scheduled for Oct. 24.

A hearing on approval of the bid procedures is scheduled for Aug. 14.

The New York-based hotel property owner filed Chapter 11 bankruptcy on Jan. 24, 2023 under case number 23-10094.

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