Bankruptcy court approves Milwaukee Marriott Downtown ‘business as usual’ motion

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The Milwaukee Marriott Downtown received approval from the bankruptcy court Wednesday, according to a written statement from Attorney Michael P. Richman of Richman & Richman, LLC.

According to Richman, an agreement was reached with its lender Computershare Trust Company to continue to use hotel revenue to pay hotel expenses incurred in the ordinary course of business. The agreement includes expenses pertaining to employees and vendors.

Additionally, the hotel received approval to honor customer’s reservations and advanced payment deposits.

Richman argued that while the Wisconsin Housing and Economic Development Authority had a role in issuing bonds in connection to the hotel’s original financing back in 2012, there was no public money at stake in the bankruptcy case.

All of the hotel’s senior debt came from foreign investors through the Federal EB-5 visa program, according to Richman.

Richman expressed confidence that the hotel could utilize the bankruptcy process to quickly restructure senior debt and maintain long term business goals as the “Milwaukee Mariott’s flagship brand.”

“We are very pleased with the progress of our bankruptcy case so far,” said Mark Flaherty, speaking on behalf of the Debtor’s managing member.

As previously reported, the Milwaukee Marriott is a 4-star, world-class hotel featuring 200 rooms, a restaurant, ballroom and meeting space.

The hotel offers full-service with luxury amenities and is operated under the world’s most recognized hospitality flag.

The hotel is located near the southwest corner of East Wisconsin Ave. and North Milwaukee St. in Downtown Milwaukee.