The Viscount Suite Hotel in Tucson has filed for Chapter 11 reorganization, its attorneys said late Wednesday.
Here is the full news release issued by attorney Isaac D. Rothschild of Mesch, Clark & Rothschild:
"Viscount Suite Hotel, an independently owned and operated Tucson hotel that has been serving guests throughout central Tucson for nearly 30 years, has filed for reorganization. Commonly known as Chapter 11, the process will leave Viscount Suite in a strong position to continue serving visitors and residents for decades to come.
"Operations will continue without interruption at the four-story hotel, which boasts 215 suites and a verdant, garden-style, four-story atrium with four glass elevators.
"None of the company’s 82 employees will be laid off, and no employee will miss a paycheck, as the Viscount Suite owners work with lenders to reorganize debt. It’s business as usual, with events such as weddings, banquets, and corporate conferences continuing as planned.
"Vendors will be paid in a timely fashion for all work going forward after the filing, as longstanding owner, Broadway Hotel Corporation, a local, family-owned business, works on a plan that will pay its debts over a period of time.
“Our business has been greatly affected by the downturn in the economy, the decline in tourism from Mexico, and the loss of Spring Training here in Tucson,” said owner Larry Cesare of Broadway Hotel One, who, along with his father Joe, has been responsible for the day-to-day operations of the hotel since 1991. Cesare predicted a strong future for the hotel as the travel economy begins to recover. The hotel’s long-term management and ownership provide stability, he said, while its location on the Tucson “Golden Corridor” makes its prospects going forward strong.
"Viscount Suite Hotel is represented by local law firm Mesch, Clark and Rothschild, who have decades of experience in successfully guiding businesses through reorganization."