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Court launches bids for eight Nesbitt hotels

By   /  Friday, November 1st, 2013  /  Real Estate, South Coast, Top Stories, Tourism  /  Comments Off on Court launches bids for eight Nesbitt hotels

Montecito hotel magnate Pat Nesbitt could lose as many as half of his Embassy Suites properties under a recently approved bankruptcy reorganization plan.

Nesbitt and his company, Windsor Capital Group, parked a portfolio of eight Embassy Suites hotels in Chapter 11 bankruptcy, listing more than $100 million in debts, after being unable to work out a deal with his servicer, New York-based Torchlight Investors. Nesbitt’s Embassy Suites properties in Lompoc and San Luis Obispo were not involved in the case.

Court documents filed in U.S. Bankruptcy Court in Santa Barbara indicate the eight hotels in the bankruptcy are now slated to go to the auction block.

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As recession financing fallout continues, big bankruptcies emerge

By   /  Friday, August 10th, 2012  /  Columns, Opinion  /  Comments Off on As recession financing fallout continues, big bankruptcies emerge

When an economy is shifting gears, strange events are likely to take place. Those words of wisdom came to me decades ago courtesy of Eugene Berman, a bankruptcy attorney in Springfield, Mass. But they seem to ring true as far as a pair of high-profile bankruptcies are concerned. For legendary pinot noir pioneer Richard Sanford, Read More →

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$100M Nesbitt hotel portfolio files Chapter 11

By   /  Friday, August 10th, 2012  /  Real Estate, Top Stories, Tourism  /  Comments Off on $100M Nesbitt hotel portfolio files Chapter 11

Santa Barbara hotelier Patrick Nesbitt has placed a portfolio of eight Embassy Suites hotels into Chapter 11 bankruptcy, listing at least $100 million in debts. The bankruptcy filing, which gives Nesbitt’s companies protection from creditors while they restructure their debts, arises from a dispute with a lender over a $187.5 million loan used to refinance Read More →

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Nesbitt hotels file $100M bankruptcy

By   /  Thursday, August 2nd, 2012  /  Banking & Finance, Personal Finance, Real Estate, Top Stories, Tourism  /  Comments Off on Nesbitt hotels file $100M bankruptcy

[Editor’s note: See correction appended below.] Santa Barbara hotelier Patrick Nesbitt has placed a portfolio of eight Embassy Suites hotels into Chapter 11 bankruptcy, listing at least $100 million in debts. The bankruptcy filing, which gives Nesbitt’s companies protection from creditors while they restructure their debts, arises from a dispute with a lender over a Read More →

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