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ARLINGTON HEIGHTS, IL-The US Bankruptcy Court for the Northern District of Illinois next month will auction off the assets of Arlington Hospitality Inc., which owns or manages 34 AmeriHost Inn hotels in nine states totaling 2,334 rooms. The company, which filed for Chapter 11 bankruptcy protection this summer, could see its assets sold to the highest bidders Nov. 14.

Mortgages on Arlington Hospitality’s office building here as well as hotels it is holding and selling total $43.2 million, according to its most recent financial statement. The company has been attempting to sell off older properties to finance new development, and has closed on more than 20 properties.

In addition to filing for bankruptcy protection, Arlington Hospitality also lined up three debtor-in-possession loans totaling $11 million at three-month Libor plus 7.5%, three-month Libor plus 8.5% and three-month Libor plus 9%, according to a filing with the Securities and Exchange Commission. The company also was de-listed from the Nasdaq Stock Market, and hired Chanin Capital Partners as its financial adviser to help in negotiations with creditors.

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