Hudson Valley Resort Goes Bankrupt!

The accounts of the Hudson Valley Resort are colder than the hotel itself in the above picture. The owners of the Hudson Valley Resort & Spa declared it bankrupt after the foreclosure case which was filed against them came to an end.

This hotel is one of the largest hotels in the Kingston area of New York, it has provided employment to over 150 people.

Sources have revealed that the owners of this hotel had filed bankruptcy under the chapter 11 in the month of January. Though the owners and the lenders were busy in the legal face off, the hotel was kept open to avert any disastrous falls in the accounts.
The management of the hotel is trying its level best to not affect the functioning of this hotel. Eliot Spitzer, who is the one of the managing directors, refused to comment on the bankruptcy and said “This does not affect the actual operation of the hotel”.

Generally the owners of big businesses declare bankruptcy when they do not want to let go off their property and in an effort to renegotiate mortgages. This particular hotel owes $40,000 to the Town of Rochester. In this economy, such news has become a common affair.

via: 1) hudsonvalleyresort

2) recordonline

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