If you follow Fort Worth and Dallas bankruptcy cases, then you’ve probably been keeping up with the Sheraton Hotel and Spa in downtown Fort Worth. The property’s owners, after filing for Chapter 11 bankruptcy, were forced to put the Sheraton Hotel and Spa up for sale. Unfortunately, Dallas-based Prism Hotels & Resorts recently had to back out from buying the property after showing initial interest in October.
Dallas Bankruptcy & Property
According to the Star-Telegram, Prism had made an offer of $55 million on the 431-room hotel, which the owners of the Sheraton Hotel and Spa were willing to accept. However, for reasons unknown to the public, Prism Hotels & Resort backed out of the deal, which was originally expected to close on January 1, 2013.
As the Sheraton Hotel & Spa is currently under Chapter 11 bankruptcy, it’s a great deal for someone who has the money. An investor group composed of former members of the Presidio Hotel Group have made an offer to buy the property for $49 million. As of the time of writing, no higher offers have been publicly made on the Sheraton Hotel & Spa.
Many Dallas bankruptcy experts are anxious to see whether or not the Sheraton Hotel and Spa will accept the investor group’s $49 million offer, as the deal could affect the greater Dallas real estate market.
However, both sides must act swiftly in order to avoid foreclosure. According to Dougherty Funding, the Sheraton’s senior lender, foreclosure is scheduled for the nearing date of Tuesday, March 5.