Brookfield Supports Loan Rework for Hotel REIT

Posted on 05/21/2021

On May 19, 2021, Hospitality Investors Trust Operating Partnership, L.P., along with affiliate Hospitality Investors Trust, Inc., filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware. Hospitality Investors Trust Operating Partnership is a New York City–based non-trading hotel industry REIT that was impacted by the COVID-19 lockdowns. The REIT has a US$ 2 billion hotel portfolio which includes 101 properties as of the fourth quarter of 2020.

Hospitality Investors Trust Operating Partnership reports US$ 1 billion to US$ 10 billion in both assets and liabilities. The debtors intend to implement a restructuring through a prepackaged plan with the support of plan sponsor Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC.

Hospitality Investors Trust (formerly American Realty Capital Hospitality Trust) has disclosed its liquidity dilemma.

Keywords: Brookfield Asset Management.

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