Ben Lomond Hotel Ownership Throws a Hail Mary

Trustee sale set for September 29; owner plans to file Chapter 11 petition

By Curmudgeon

Sad story on the front page of this morning's Standard Examiner. The Ben Lomond Hotel has defaulted on its loans and plans to file for Chapter 11 bankruptcy protection in hope of reorganizing and refinancing its debt.

The plan apparently involves selling a lot of the hotel's condo units to raise cash to retire as much of the loan as possible and to enable refinancing of what will remain. Selling off a lot of condos into the current declining market seems a hail-mary pass with time running out on the clock to me. But I hope it's successful. The Ben Lomond Historic Hotel is too valuable a part of Historic 25th Street and downtown Ogden to lose.