MCLEAN, VIRGINIA Highland Hospitality Corp. is weighing a potential bankruptcy filing, spurring several creditors to maneuver for control of the 27-property hotel company.
Among the companies jockeying for control of Highland are JER Partners, Wells Fargo & Co., Barclays PLC, Prudential Financial Inc. and Ashford Hospitality Trust, according to The Wall Street Journal. Also in the mix is Blackstone Group LP, which purchased US$300 million of deeply discounted Highland debt earlier this year.
A bankruptcy filing is not yet a foregone conclusion, the Journal reports, adding that Highland is in talks with potential investors including Abu Dhabi Investment Authority for a cash infusion of US$200 million or more.
Highland’s holdings include The Ritz-Carlton Downtown Atlanta and Hilton Boston Back Bay.