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AD1 Urban Palm Bay, LLC – Affiliates of Florida-Based Hotel Manager AD1 Global File for Bankruptcy with Over $50mn of Liabilities

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[Just filed. Developing story] January 22, 2023 –  Privately held AD1 Urban Palm Bay, LLC and 12 affiliate debtors* ("AD1 Urban" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 23-10074 (Judge Karen B. Owens). The Debtors, managers/franchisees of hotel properties in Florida, are represented by Ian J. Bambrick of Faegre Drinker Biddle & Reath LLP. Further board-authorized engagements include (i) real estate investment banking firm RobertDouglas and (ii) Stretto as claims agent. 

*The Debtors are affiliates of Florida-based AD1 Global which describes itself as follows: "Since 2011, AD1 Global has offered tailor-made property level management services to discerning hospitality clients throughout Florida and the East Coast. Led by a seasoned, award-winning team, AD1 Global expertly manages nearly 4,300 guestrooms for seven prestigious brand partners [@28 hotels]." AD1 Global is affiliated with ADËLON Capital ($750.0mn in investments) with which it shares a largely overlapping executive team, portfolio…as well as an address. In short, ADËLON Capital raises the capital for a hotel group and AD1 Global manages the hotels, generally as a franchisee of hotel group (including, Hyatt, Hilton, Holiday Inn and Doubletree)

CFO Alex Fridzon (also on the AD1 Global and ADËLON Capital executive teams, as are his brother Arie (Chief Investment Officer) and the Debtors' CEO Daniel Berman) is designated as the "sole officer of the Company on all aspects of the Chapter 11 Cases."

The Debtors’ lead petition notes between 1 and 50 creditors; estimated assets between $150.0mn and $50.0mn; and estimated liabilities between $10.0mn and $50.0mn. Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) IHG ($710k trade claim), (ii) Hyatt Corporation  ($194k trade claim) and (iii) CBC Hospitality ($161k trade claim).

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The post AD1 Urban Palm Bay, LLC – Affiliates of Florida-Based Hotel Manager AD1 Global File for Bankruptcy with Over $50mn of Liabilities appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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