NYC’s Jimmy Buffett-Themed Margaritaville Resort Files For Bankruptcy | Forbes

Jimmy Buffet’s Manhattan branch Margaritaville Resort Times Square Hotel, filed for Chapter 11 bankruptcy protection this month to bypass a foreclosure auction. The New York City’s Time Square tourist attraction was seemingly ignited filing after the hotel owners, Soho Properties, failed to repay the debts which had unmanageable since opening and in efforts to avoid a scheduled foreclosure auction. Refinancing the hotel’s $167 million mortgage and re-negotiating with its mezzanine lenders is the ultimate goal of the bankruptcy, though Soho Properties is aiming to refinance a total of $309 million through this bankruptcy. Despite the company’s financial conditions, Soho Properties has held that revenues are improving with a projection to exceed $25 million by the end of 2024 during the leasing of hotel retail space.  

The hotel, located on Seventh Avenue in New York City, has 234 guest rooms and 34,271 square feet of retail space, according to the filing documents. In May, it was appraised at a value of between $266 million and $350 million. It employs around 75 people.

Source: NYC’s Jimmy Buffett-Themed Margaritaville Resort Files For Bankruptcy