MILWAUKEE — The Iron Horse Hotel's ownership filed for a Chapter 11 bankruptcy reorganization, according to our partners at the Milwaukee Business Journal.
The filing was made Thursday in a U.S. Bankruptcy Court for the District of Delaware on behalf of Rider Hotel LLC.
Rider Hotel LLC, the owner of The Iron Horse Hotel, is seeking a resolution with a lender. The hotel, its restaurants, and event spaces will continue for business as usual.
The bankruptcy filing lists Rider Hotel’s assets being valued at $10 million to $50 million, and included the same range for its current liabilities, the Milwaukee Business Journal reports.
Kurt Carlson, lead attorney for the Chapter 11 filing, told the Milwaukee Business Journal on Thursday that the hospitality industry was hit harder than any other during the COVID-19 pandemic. Carlson said the bankruptcy process “provides them a venue and a structure by which they can restructure debt, reorganize and come out of this stronger.”
Carlson said that so far Rider Hotel’s lender “had not been amenable” to proposed resolutions offered by the company, according to the Milwaukee Business Journal.
The Iron Horse, located at 500 W. Florida St., opened in 2008. It has about 100 rooms, two banquet facilities and two restaurants, and features a motorcycle theme and decor building off the nearby Harley-Davidson Museum, the Milwaukee Business Journal reports.