A North Carolina real estate investment firm that owns the Wyndham Garden Hotel and other Manhattan real estate has put four properties into chapter 11 with a plan to sell them at a bankruptcy auction, Dow Jones Daily Bankruptcy Review reported today. The four New York properties — three hotels and a vacant lot — are valued at some $200 million and are located in choice neighborhoods across Manhattan. The properties filed for bankruptcy court protection on Thursday amid a legal battle between their owners. Gemini Equity Partners LLC, the Huntersville, N.C.-based owner of the properties, has lined up initial offers for the hotels and land, subject to higher bids at a bankruptcy-court-supervised auction. Proceeds from the sales are slated to fully repay creditors, owed a total of about $135 million, according to Gemini vice president Christopher La Mack.
