Williamsburg Hotel Files Bankruptcy Amid Covid-Spurred Gloom
(Bloomberg) -- The Williamsburg Hotel in Brooklyn filed for bankruptcy as the effects from the pandemic continue to roll through the hospitality industry.
96 Wythe Acquisition LLC, the entity that owns the hotel backed by Heritage Equity Partners, listed assets and liabilities of $50 million to $100 million in its Chapter 11 petition filed in White Plains, New York. The boutique hotel is located in an area of Brooklyn which surged in popularity and rapidly gentrified over the last decade, offering views of Manhattan and some of the best restaurants and shopping in the borough.
Benefit Street Partners, the credit firm owned by Franklin Templeton, is one of its largest creditors with a $68 million disputed claim, according to bankruptcy papers. Heritage Equity Partners didn’t immediately respond to a request for comment and Franklin Templeton declined to comment.
The case is 96 Wythe Acquisition LLC, 21-22108, U.S. Bankruptcy Court, Southern District of New York (White Plains). To view the docket on Bloomberg Law, click here
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