MILWAUKEE – The ownership of the Iron Horse Hotel has filed for Chapter 11 bankruptcy reorganization, according to our partners at Milwaukee Business Journal.
The filing was filed Thursday in a U.S. bankruptcy court in the District of Delaware on behalf of Rider Hotel LLC.
Rider Hotel LLC, the owner of the Iron Horse Hotel, is seeking a solution with a lender. The hotel, its restaurants and event spaces will continue to operate as usual.
The bankruptcy filing lists Rider Hotel’s assets valued between $10 million and $50 million and includes the same range for its current liabilities, the Milwaukee Business Journal reports.
Kurt Carlson, lead attorney for the Chapter 11 filing, told the Milwaukee Business Journal on Thursday that the hospitality industry has been hit harder than any other during the COVID-19 pandemic. Carlson said the bankruptcy process “provides them with a venue and a structure through which they can restructure debt, reorganize and emerge stronger.”
Carlson said Rider Hotel’s lender so far “has not been supportive” of the company’s proposed resolutions, according to the Milwaukee Business Journal.
The Iron Horse, located at 500 W. Florida St., opened in 2008. It has approximately 100 rooms, two banquet halls and two restaurants, and features a motorcycle theme and décor adjacent to the Harley-Davidson Museum. Davidson neighbor, the Milwaukee Business Journal reports.
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