A Tampa cardiologist and owner of the former Hilton Pittsburgh filed a formal plan Wednesday to rescue the Downtown hotel from bankruptcy and fully repay creditors over time, according to a report in the Pittsburgh Post-Gazette.
The reorganization plan filed by Shubh Hotels Pittsburgh and Pittsburgh Grand LLC, an affiliate of Dr. Kiran C. Patel, also would reposition the hotel as a Wyndham Grand, the luxury brand of Wyndham Hotels & Resorts, after 51 years as a Hilton.
Under the plan, the new ownership under Dr. Patel would post $8 million in letters of credit to pay off creditors if hotel revenues are not sufficient to do so.
The plan coincides with a hearing in U.S. Bankruptcy Court on a bid by BlackRock Financial Management to get approval to foreclose on the hotel property, an action that was delayed when Shubh Hotels filed for bankruptcy.
