Stire tematica: e Turbo News
eTN called THE EDITION hotel at 5.
M Waikiki LLC, a hotel investment company, today announced that is has filed for Chapter 11 bankruptcy protection. The filing allows the company to reorganize in an effort to protect its investment in The MODERN Honolulu, a 353-room luxury hotel. M just yesterday signed with Aqua Resort in an attempt to take over the EDITION Hotel managed by Marriott. eTN reported in details.
The filing follows a court decision this morning granting a temporary restraining order to allow Marriott International Inc. ("Marriott") to resume its operation of the property. The Chapter 11 filing now allows M Waikiki ("Owner") to reaffirm the termination of the management agreement with Marriott and continue to employ new management at the property. M Waikiki LLC had installed new management this weekend at The MODERN Honolulu, formerly known as the Waikiki Edition.
"We respectfully disagree with today's court decision and remain confident that the Owner acted within its rights terminating its contract with Marriott," said William A. Brewer III, partner at Bickel & Brewer and lead counsel for Owner. "In any event, the Owner has filed for bankruptcy protection, which will permit it to continue the operation of the hotel under its present management with Modern Management Services."
Modern Management Services was installed as the manager at the property on August 28