Creditor Files to Acquire Comfort Suites City Centre for $7.5M
New York-based German American Capital Corp. could become the new owner of the Comfort Suites City Centre in downtown Indianapolis.
In February, the property’s current owner, Warsaw Hotel Partners LLC, an affiliate of Dora Brothers Hospitality Corp. in Fishers, filed for Chapter 11 bankruptcy protection. The petition listed $1 million to $10 million in assets and $10 million to $50 million in liabilities.
According to the Indianapolis Business Journal, German American is owed $12 million, which makes it the company’s largest creditor. In a recent court filling, the bank has proposed a “credit bid” of $7.5 million to acquire the Comfort Suites City Centre from Warsaw Hotel Partners. If the plan is approved by a U.S. Bankruptcy Court judge, German American would take ownership of the property by the end of the year.
Comfort Suites City Centre is a 3-star hotel that features 130 air-conditioned guestrooms. Amenities include banquet facilities, an indoor pool, a spa tub, a fitness center and a business center. The property was developed with the help of a $12.6 million loan that German American provided in February 2007. By the time the loan matured in November 2010, Warsaw Hotel Partners still owed the bank $11.2 million.
In regional news, construction is about to begin on a $6-million aquatic recreation center at Prophetstown State Park near Lafayette. The groundbreaking ceremony will be held on Oct. 15.
Upon completion next summer, the facility will include a 30-foot tube slide, a body flume, a lazy river float area and adventure channel, a zero-entry pool with play features, and an aquatic activity area with basketball. At the groundbreaking, which is open to the public, Schmidt Associates of Indianapolis will display graphic renderings of the center.
“This project is going to blend the best of modern convenience with the history of this unique park, making it an even more attractive repeat destination for both travelers and local residents,” Indiana Department of Natural Resources director Robert E. Carter Jr. said in a statement.
Photo credits: www.comfortsuites.com