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Practices

Ocean Park Hotels

The firm represented Ocean Park Hotels-TOY, LLC (“TOY”) and Ocean Park Hotels–TOP, LLC (“TOP” and, together with TOY, the “Hotels”) in their chapter 11 bankruptcy cases. TOY and TOP were the owners, respectively, of the Courtyard by Marriott hotel and the extended-stay Marriott TownePlace Suites hotel, both located in Thousand Oaks, California. The Hotels were in default of certain construction loans and, having been unable to negotiate a workout with their lender, were facing a foreclosure action and other ancillary remedies. Through the filing and administration of the Hotels’ chapter 11 cases, the firm restructured the Hotels’ secured and unsecured liabilities, reaching a settlement with the construction lender that modified and extended the loan term an additional three years. The firm’s efforts preserved the value of the Hotels’ estates for the benefit of all stakeholders and resulted in the confirmation of a joint plan of reorganization that pays all creditors in full over time.