In re Hotel Airport Inc. (Bankr. D. Puerto Rico) Case no. 11-06620
Hotel Airport Inc. recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor operates a Best Western franchised hotel located at Luis Munoz Marin International Airport in San Juan, Puerto Rico. The Debtor’s personal property consists of back accounts with a disclosed balance of $1.1 million; accounts receivable booked by the Debtor at $2.6 million; leasehold interest with improvements in a rented hotel property valued by the Debtor at $4.6 million; inventory valued by the Debtor at $76,080; and prepaid expenses valued by the Debtor at $46,413. The Debtor’s income for 2009 was $5.2 million; for 2010 it was $3.5 million; and for 2010 to date it was $2.2 million.