Fairmont

Fairmont San Jose hotel bankruptcy reaches crucial stages

SAN JOSE — The Fairmont San Jose hotel bankruptcy case has arrived at some crucial stages while uncertainties swirl around a date to reopen the iconic downtown lodging and the viability of a plan to revamp its finances.

On March 5, the Fairmont San Jose closed its doors and filed for bankruptcy to reorganize its finances, with the hotel’s owner saying the hotel would reopen in two to three months. That pointed to a reopening by as soon as early May or as late as early to mid-June.

Now, however, court papers have emerged that hint at a later time

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Fairmont San Jose hotel owners target quick end to bankruptcy

SAN JOSE — The Fairmont San Jose owners have sketched out a swift endgame for the iconic hotel’s bankruptcy case in the first version of a formal plan to reorganize the property’s wobbly finances, court papers show.

Newly filed court papers in the case point to the completion of the court case about four months after the Chapter 11 bankruptcy filing on March 5. That sort of schedule could conclude the bankruptcy case by sometime in July.

Under the U.S. Bankruptcy Code, debtors have the exclusive right to file a plan of reorganization for at least the first 120 days,

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KZN’s Luxury Fairmont Zimbali rescued by hotel group after nearly going under

By Lee Rondganger Mar 19, 2021

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Durban – The luxury Fairmont Zimbali Hotel, one of KwaZulu-Natal’s iconic coast hotel that was forced into administration following the devastating blow South Africa’s hard Covid-19 lockdown caused on its business has been rescued.

According to a report, the Capital Hotels Group has reached an agreement with the Fairmont Zimbali Hotel’s Business Rescue Practitioner, Pierre Berrange, to buy the property in a R240 million deal.

The hotel, built on the picturesque Ballito coastline and overlooking the Indian Ocean was forced to retrench 220 staff

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Capital Hotels Group in Fairmont Zimbali business rescue coup

The Capital Hotels & Apartments Group, founded by hospitality industry entrepreneur Marc Wachsberger, has emerged as the preferred bidder for the five-star Fairmont Zimbali Hotel that was placed into business rescue last year amid the Covid-19 economic crunch.

Wachsberger confirmed exclusively to Moneyweb on Thursday that his group has reached an agreement with Fairmont Zimbali Hotel’s Business Rescue Practitioner (BRP) to buy the property in a R240 million deal.

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Marc Wachsberger looks to capitalise

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