Hotel Union Square Mezz 1 Files Chapter 11 Bankruptcy Liquidation Plan - Bloomberg

Hotels Union Square Mezz 1 LLC and Hotels Union Square Mezz 2 filed a joint liquidation plan today that would wind up the bankruptcy cases relating to the W New York Union Square hotel.

The New York hotel, which features Rande Gerber’s Underbar, is operated by a unit of White Plains, New York-based Starwood Hotels & Resorts Worldwide Inc., the third-largest U.S. lodging company. Under the terms of the plan, W Hotel Management Inc. will continue to manage the hotel under its existing agreement.

Hotels Union Square Mezz 1 was put into bankruptcy in March by junior mezzanine lender LEM that took over ownership of the Manhattan luxury property in December from Dubai World.