Post Oak, lender get approval of settlement, exclusivity extension

By Sarah Lizee

Olympia, Wash., July 25 – Post Oak TX, LLC, which owns the Hilton Houston Post Oak hotel, and its primary lender, Rialto, received approval of a settlement and a motion to extend the debtor’s exclusive plan filing and solicitation periods, according to court documents filed with the U.S. Bankruptcy Court for the Southern District of Florida on Monday.

Rialto asserts an approximate $100 million claim secured by substantially all the debtor’s assets.

The settlement agreement provides for the filing of a joint plan of liquidation that will transfer substantially all of the debtor’s assets to Rialto, and pay allowed unsecured claims, including insider claims, in full.

As previously reported, the debtor and lender agreed to extend the plan filing period through Aug. 15 from July 15 and the solicitation period through Oct. 14 from Sept. 13.

The West Palm Beach, Fla.-based hotel owner filed bankruptcy on Aug. 31, 2021 under Chapter 11 case number 21-18563.

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