Los Angeles

Queen Mary operator seeks to auction off ship’s lease amid bankruptcy proceedings – Daily News

Eagle Hospitality Trust, which operates the Queen Mary and owns inns in Pasadena, Anaheim and Palm Desert, filed a movement in federal courtroom on Tuesday, March 9, to auction off a number of of its properties, together with its lease for the legendary ship that makes its house in Long Beach.

The submitting got here as a part of the Chapter 11 bankruptcy course of, which kicked off in January when a number of associates of Eagle Hospitality Trust — together with the companies that run inns throughout the Southland — notified the Delaware district of the U.S. Bankruptcy Court of their intent to restructure.

The bankruptcy courtroom is scheduled to weigh in on the movement, and probably approve it, on Tuesday, March 23.

Tuesday’s submitting was first reported by the Long Beach Post.

The proposal from Eagle Hospitality Trust famous that the New York capital funding fund Monarch Alternative Capital has bid a complete $470 million for the companies that personal or handle the Embassy Suites by Hilton Anaheim North, the Holiday Inn Hotel & Suites Anaheim, the Sheraton Pasadena and the Queen Mary, in addition to 11 different inns throughout the state and nation.

If the movement is authorised by the courtroom, these firms would tentatively be listed for auction on May 20, with Monarch Alternative Capital’s bid being the minimal supply.

In a Tuesday assertion, Long Beach — which owns the Queen Mary — emphasised that it doesn’t matter what occurs with the proposed auction, town will stay the proprietor of the ship.

“Any potential future auction would be directly related to the lease and operation of the Queen Mary, the development of the land and the special events parks lease,” the assertion stated. “Regardless of changes in operator, the City continues as owner.”

Long Beach has been “actively” concerned within the bankruptcy proceedings to this level, the assertion stated, and town can have extra data on what Tuesday’s submitting means for the ship after the March 23 listening to.

This story is creating and will likely be up to date.

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