(Crain's) — A bankruptcy judge has fueled new questions about the fate of the InterContinental Chicago O'Hare Hotel in Rosemont by siding with its lenders in a dispute over a plan to auction off the property.
The ruling Monday by U.S. Bankruptcy Court Judge Bruce W. Black represents a setback for the hotel's developer and owner, an affiliate of Rosemont-based Harp Group Inc., which had picked a venture led by New York investment firm Och-Ziff Real Estate as the preferred bidder in the bankruptcy auction. But an improving local hotel market bodes well for the hotel's value, potentially boosting the recovery for its creditors.
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