Five Hotels File for Chapter 11

Five major U.S. hotels filed for chapter 11 bankruptcy protection in February: the Arizona Biltmore, Phoenix; Doral Golf Resort, Miami; La Quinta Resort and Club, Palm Springs, Calif.; Claremont Resort, Berkeley, Calif.; and the Grand Wailea Resort, Maui.

CNL-AB LLC, an affiliate of Paulson and Co., a New York City–based hedge fund company, acquired the five hotels in January 2011 and filed for bankruptcy shortly thereafter to eliminate debt and stave off foreclosure.

“This fi

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