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PRESS RELEASE: Bankruptcy Court Approves Milwaukee Marriott Downtown ‘Business as Usual’ Motions

Apr 18, 2024

For Immediate Release: Milwaukee WI, April 17, 2024

The Milwaukee Marriott Downtown received approval from the Bankruptcy Court today to an agreement it reached with its lender, Computershare Trust Company, to continue to use its hotel revenues to pay all hotel expenses incurred in the ordinary course of business, including to its employees and vendors. The hotel also received approval to continue to honor all customer reservations and advance payment deposits.

The hotel’s bankruptcy lawyer, Michael P. Richman of Richman & Richman LLC, emphasized to the Court that while the Wisconsin Housing and Economic Development Authority had a role in issuing bonds in connection with the hotel’s original 2012 financing, there is no public money at stake in the bankruptcy case; all of the hotel’s senior debt came from foreign investors through the Federal EB-5 visa program. Richman expressed confidence that the hotel could use the bankruptcy process quickly to restructure the senior debt and continue its ordinary business long-term as a Milwaukee flagship of the Marriott brand.

Mark Flaherty, speaking for the Debtor’s managing member, stated, “We are very pleased with the progress of our bankruptcy case so far. With the Court’s approval of our motions today, we are confident we can continue our excellent service. The bankruptcy case should be invisible to the public insofar as hotel operations are concerned.”

The Hotel’s chapter 11 legal advisors are Richman & Richman LLC of Madison, WI.

For further information about this press release, please contact Michael P. Richman at (608) 709-5998