The developer of a boutique hotel near Wrigley Field filed for bankruptcy protection the day before a court-ordered sale, sending the battle for control of the site into extra innings.
The venture led by Timothy Collins, owner of Main Event Tickets Inc., values the hotel site at 3469-3475 N. Clark St. at $8.5 million with liabilities totaling $5.7 million, according to the Chapter 11 petition filed earlier this month in U.S. Bankruptcy Court in Chicago.
The petition was filed the night before a scheduled foreclosure sale of the development site slated for a restaurant and 42-room hotel, said Chicago lawyer Richard Golding of Golding Law Offices P.C. By filing for bankruptcy, the Collins venture blocked the sale and has more time to find partners willing to recapitalize or buy the site at a higher price.
Read more in Crain’s Chicago Business.