Built over 30 years ago, the Sheraton Hotel once dominated the downtown scene in Fort Worth, Texas. Now struggling with dwindling profitability the hotel has filed for bankruptcy protection to resolve its debts and prevent a foreclosure.
A Short Stay?
The Sheraton Fort Worth hotel has only been in business for 38 years, a small stay compared to many local hotels in the downtown district. Having changed names and ownership several times, this hotel has seen its fair share of financial challenges over the years. With the threat of foreclosure closing in the current hotel owners decided to file for Chapter 11 to restructure its debts, while keeping the doors open.
Despite being located next to the Fort Worth Water Gardens, one of the area’s leading attractions, the hotel reportedly owes upwards of $50 million and has a $76,000 property tax lien currently placed on the building. Having borrowed money from numerous other hotel groups to stay in operation over the years, the Sheraton’s current foreclosure problems forced them into bankruptcy protection sooner rather than later. Although the hotel is appraised at a value of around $65 million, the hotel’s owners are hoping the bankruptcy court can help resolve its financial problems and regain profitability.