ATLANTA (Aug. 18, 2010) - Highland Hospitality Corp., owner of the Ritz-Carlton in downtown Atlanta, is contemplating filing for bankruptcy, The Wall Street Journal reports today.
The Chapter 11 filing, if it occurs, would not happen "until at least next month," WSJ reporters Lingling Wei and Kris Hudson say, citing "people familiar with the situation." This comes as Highland Hospitality's creditors angle to gain control of the firm, the WSJ says.
Ironically, the story appears the same day panelists at the Bisnow capital markets event bemoaned at what they perceive to be negative coverage of the city's real estate market receives in the influential newspaper. But, the news is what it is, and it's mostly bad now - to use a much-overused phrase.
This would be an incredible development in across the country, and especially for Atlanta's hospitality industry, which has been wracked by the recession. We'll stay tuned.
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