Viscount Suite Hotel, an independently owned hotel at 4855 E. Broadway, has filed for bankruptcy reorganization to restructure its debt.
Operations will continue without interruption at the 215-room hotel whose distinctive atrium spans all four floors, according to a news released issued by the hotel’s bankruptcy lawyer.
None of the company’s 82 employees will be laid off or lose pay, and events such as weddings, banquets and corporate conferences will continue as planned as the owners work with lenders to reorganize debt, the company said.
According to a Chapter 11 bankruptcy petition filed Wednesday by the hotel’s owner, Broadway Hotel One LLC, the company has assets of up to $50,000 and debts totaling up to $500,000. The company has not yet filed required schedules including details of assets and liabilities and a list of creditors.
Vendors will be paid in a timely fashion for all work going forward after the filing, as the hotel’s longtime owner, Broadway Hotel, works on a plan that will pay its debts over a period of time, the company said.
“Our business has been greatly affected by the downturn in the economy, the decline in tourism from Mexico, and the loss of (baseball) spring training here in Tucson,” owner Larry Cesare of Broadway Hotel One said in a prepared statement. Cesare and his father, Joe Cesare, have been responsible for the day-to-day operations of the hotel since 1991.
The owners are prepared to provide new capital for a substantial remodeling of the hotel, Cesare said.