OAKLAND, CA-The owner of Oakland's Claremont Resort & Spa has filed for bankruptcy. Besides the Claremont, the Grand Wailea Resorts Hotel & Spa, the Doral Golf Resort & Spa, the Arizona Biltmore and the La Quinta Resort & Club have filed for bankruptcy due to a debt of $1.53 billion.
The owner, a group officially known as CNL-AB, acquired the hotels through a foreclosure proceeding from Morgan Stanley Real Estate. The filing listed $1.9 billion in debts and $2.2 billion in assets. For the full story, go to Oakland Tribune.
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