From ChicagoRealEstateDaily:
Milton Fine Leads Joint Venture With $69-Million Debt
A joint venture that owns 22 low-cost hotels, including five in the Chicago area, has placed all of its properties in bankruptcy protection in an attempt to sidestep a $69-million foreclosure case, a sign that the suburban hospitality market remains as bleak as ever. The hotels—Days Inns, Super 8s and Baymont Inn & Suites—are owned by a joint venture led by Pittsburgh hotel investor Milton Fine. The joint venture sought Chapter 11 bankruptcy protection for all 22 of its hotels on Dec. 21 after Citizens Bank of Pennsylvania filed foreclosure cases in Cook and other Illinois counties seeking to collect $69 million, including interest and late charges. Click here for the full story.