ALT Hotel LLC Files for Bankruptcy

Even though they have filed for Chapter 11 bankruptcy, the owners of ALT Hotel LLC continue to act as though it were business as usual.

The Chicago-based hotel listed $50 to $100 million in liabilities, and $100 to $500 million in assets in its bankruptcy filing this week. Included was the list of 100 to 200 creditors that are of concern to the bankruptcy filing. Although the hotel had no original intentions of filing for bankruptcy, the threats of one creditor prompted them to take more serious action. Among the creditors listed are Diamond Rock Hospitality, Diamond Rock Allerton Owner LLC and Wells Fargo.

Neal Wolf, an attorney for the hotel, commented that: "We are very proud of the significant improvements in hotel operation and performance in the few months since we assumed ownership. We have met all of our obligations, and enjoy strong positive cash flows."

Are you in danger of losing your business? Contact a Chicago bankruptcy attorney now to discuss your legal options.