Hospitality Investors Trust Inc., which has stakes in 100 U.S. hotels, filed for bankruptcy protection with a prearranged plan that would hand the company over to Brookfield Asset Management Inc., WSJ Pro Bankruptcy reported. The New York-based real-estate investment trust said yesterday that it would use the chapter 11 process to put its prepackaged agreement into effect. The proposal includes modifications to loans and to hotel management agreements after the hotel industry had its worst year on record in 2020. More than a year into the COVID-19 pandemic, many hotels are starting to find their footing again, and owners and investors expect bookings to revive as vaccination becomes more widespread and people regain their appetite to travel. Hospitality Investors continues to be among the industry players suffering from the pandemic, Chief Financial Officer Bruce Riggins said in a court filing. The company had $1.7 billion in assets and $1.36 billion in debt at the end of March.
