Brookfield Strategic Real Estate Partners to take over hotel REIT

Hospitality Investors Trust Operating Partnership, a New York City–based hotel industry REIT that has been severely impacted by the COVID-19 related travel drop-offs, along with affiliate Hospitality Investors Trust, has filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware.

The company reports $1 billion to $10 billion in both assets and liabilities. The debtors intend to implement a restructuring through a prepackaged plan with the support of plan sponsor Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC.