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LONGBOAT KEY, FL-Just weeks after suspending operations, the Colony Beach & Tennis Resort is seeking Chapter 11 bankruptcy protection, according to the Sarasota Herald-Tribune. The filing marks the latest episode in a three-year dispute between Resorts Management Inc., general partner of the 234-room hotel, and individual unit owners.

The Colony has operated for the past four decades and was once ranked as the best tennis resort in the US. Recent buyers of condo-hotel units have complained about a lack of repairs to the resort.

“This is an opportunity to restructure debt and protect the assets of the limited partnership that controls the hotel, and to work with the unit holders and the investors who’ve come forward to come up with a solution,” says Katherine Klauber Moulton, the resort’s president and general manager. Resort Management is controlled by Murray Klauber, Moulton’s father who opened the Colony in 1969.

The Colony Beach & Tennis Club Ltd., which filed for the reorganization, owes more than $8 million to Bank of America and other creditors, according to public filings. Click here to read more from the Sarasota Herald-Tribune.

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