Palm Beach hotel-condo files bankruptcyAugust 9, 2018
Hotel News: A court-appointed receiver has ushered the beleaguered Palm House condominium-hotel project into bankruptcy court — and its ownership company owes nearly $115 million to creditors, the court filing shows.
Thursday’s voluntary Chapter 11 corporate bankruptcy petition for 160 Royal Palm LLC comes more than three years after renovations abruptly halted at the property in the ocean block of Palm Beach’s Royal Palm Way.
The filing paves the way for a bankruptcy judge to authorize the sale of the Palm House building with a title free of liens or other legal encumbrances, according to bankruptcy attorney Philip J. Landau. Landau signed the bankruptcy filing along with receiver Cary Glickstein, a former Delray Beach mayor, who is serving as the authorized representative of the debtor, court documents show.
Proceeds from the sale of the property would be used toward repaying creditors, Landau said.
On July 10, Glickstein outlined the bankruptcy plan to the Town Council, which then agreed to once again suspend mounting code fines at the property at 160 Royal Palm Way.
Full article: Click Here
Article and photo credit: Palm Beach daily news