Status of receivership will be decided this week; officials say business is still robust
Owners of the Crowne Plaza San Marcos Golf Resort, Chandler, Ariz., have filed for Chapter 11 bankruptcy protection, reports The Arizona Republic.
The filing by Denver-based San Marcos Capital Partners LP halted a trustee sale that had been scheduled for March 29. Business at the resort will carry on as usual, and no managers or employees will change, said General Manager Frank Heavlin.
Financial trouble became evident in October when the property went into receivership under Kirby Payne at Smiling Hospitality in Rhode Island.
A court hearing on whether the receivership will continue is set for this week.
Bankruptcy Court papers filed last month listed assets of the owners at less than $50,000 and liabilities between $10,000,001 and $50 million. The number of creditors is between 1,000 and 5,000.
The San Marcos limited partnership involves 22 members, including Heavlin, who said that business is good despite the bankruptcy adding that he is optimistic the hotel will survive the bankruptcy.