Urban Commons seeks approval of bid procedures for hotel lease assets

By Sarah Lizee

Olympia, Wash., Jan. 26 – Urban Commons 2 West LLC is seeking approval of bid procedures for its hotel lease assets, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of New York.

The lease relates to a mixed-use building at 2 West Street, New York.

The company is seeking approval to choose a stalking horse bidder and provide a 1% breakup fee.

Under the proposed bid procedures, bids would be due by 5 p.m. ET on April 21.

An auction would take place on April 25.

A hearing on approval of the bid procedures is scheduled for Feb. 9.

Urban Commons is a Corona Del Mar, Calif.-based company that modernizes underperforming hotels. The company filed Chapter 11 bankruptcy on Nov. 15 under case number 22-11509.

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