Hotel REIT Preps Offer to Give Brookfield Control in Personal bankruptcy

Hospitality Buyers Believe in Inc. is nearing a offer that would hand manage of the debt-laden resort operator to Brookfield Asset Management as portion of a pre-packaged individual bankruptcy, in accordance to individuals with understanding of the issue.

Hit, which owns about 100 accommodations across the U.S., has been finding guidance from legislation business Proskauer Rose and financial investment lender Jefferies Money Group Inc. on the restructuring talks, reported the persons, who questioned not to be recognized talking about private conversations. The genuine estate investment belief reported in a regulatory filing previous 7 days that it was negotiating with Brookfield, its premier investor, above a likely Chapter 11 filing.

Reps for Hospitality Traders Have faith in and Proskauer didn’t reply to a request for remark, though reps for Brookfield and Jefferies declined to remark.