The 56-year-old club on the 37th and 38th floors at 555 17th St. in Qwest Tower, listed debts between $500,000 and $1 million and assets of the same amounts. Creditors include its landlord, Antelope Real Estate Co., a family trust headed by Qwest founder Philip Anschutz. Antelope is owed $110,000 in back rent.
Other creditors include the Hyatt Regency Denver, which is across from the office tower and also owned by Antelope. It is owed $151,000. There also is a $21,000 city tax bill and $12,625 owed to the law firm of Holland & Hart, a major tenant in its building.
"This decision to seek protection in order to reorganize is a positive move for the future of our Club," says Gregory J. Anton, president of the board of the club. "Previous management shortcomings combined with our inability to consummate a satisfactory outsourcing arrangement necessitates our seeking some protection during our slow season to allow our new general manager time to execute his financial plan," Anton says. "We are confident that the club, under the leadership of Wayne Sweger, will be profitable for this year and beyond."
The Pinnacle Club had been in negotiations with a major hotel in the city since September, seeking to execute an agreement whereby the club would outsource the management of all dining and event activities. However, an agreement could not be reached and the Club has decided to move forward under the direction of Sweger, who has over 25 years of professional hotel management experience with hospitality organizations like the Hilton and Sheraton.
"Many businesses in the hospitality industry have successfully operated in and out of bankruptcy," Anton says. "This decision allows us to restructure our debt and reduce costs so that we can become profitable. This move to seek protection will not interrupt our service offerings to our members and guests. We will continue to deliver quality events and member lunch service. Our relationships with vendors and suppliers will not be affected by the filing."
In 1986, the Petroleum Club changed its name to Top of the Rockies, the name of a popular club at another location Downtown that had closed. The idea was to separate the club from the oil business, which was in a slump.
In early 2001, they changed the name again to the Pinnacle Club.
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