Eagle Hospitality Real Estate Investment Trust has gotten bids of more than $480 million for 14 of its properties, but the bankrupt hotel chain doesn’t yet have a buyer for its lease for 1930s ocean liner the Queen Mary, WSJ Pro Bankruptcy reported. Heading into a Thursday auction, Monarch Alternative Capital LP was the lead bidder for Eagle Hospitality’s properties, with a $470 million offer for all 15 properties that set the floor price. The distressed-debt investor ended up having the best offer for 10 of 14 Eagle Hospitality properties, for a total proposed purchase price of roughly $360 million, according to auction records filed late Thursday. A hearing to approve the proposed sales is scheduled for May 28 in the U.S. Bankruptcy Court in Wilmington, Del. Proposed buyers for the other four properties are Beach Point Capital Management LP, Solid Rock Ventures LLC, Taconic Capital Advisors LP and FullG Capital Ltd, documents show. As of late Thursday, however, “there is no purchaser for the Queen Mary Hotel,” Eagle Hospitality said in a court filing.
