The hotel investment world was rocked last month with a high-profile Chapter 11 bankruptcy filing of two hotels owned by Illinois-based Harp Group. The filing covers a three-year-old, 580-room Radisson Hotel at the Los Angeles Airport and the InterContinental Chicago O’Hare, a 556-room luxury property that’s only been open about a year. Both properties remain open while the filing winds its way through federal court. The two properties owe a combined $278 million to San Diego National Bank and Amalgamated Bank, a lender owned by hotel workers union Unite Here
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