Business Services Industry
Owner of San Francisco Hotel Files for Bankruptcy Protection.
Knight Ridder/Tribune Business News, August, 2003
By Douglas Hanks III, The Miami Herald Knight Ridder/Tribune Business News
Aug. 21--Delano owner Ian Schrager has filed for bankruptcy protection for his plush Clift Hotel in San Francisco, his latest move to keep creditors at bay.
Just two weeks ago Schrager won a two-year extension on $355 million in mortgages on four other hotels, including the Delano on South Beach. He couldn't win a reprieve on the Clift's $57 million debt, so his lawyers filed for Chapter 11 bankruptcy protection, a spokesman said.
The bankruptcy is supposed to be brief -- Schrager spokesman ...
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