Consumer behavior can be difficult to predict. Factors ranging from viral social media stories to popular trends influence where people want to eat while out on a date or where they choose to stay while on vacation or business trips. Businesses operating in the...
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Chapter 11 For Hotels And Restaurants
Why do hotels file for bankruptcy?
If you’re starting a hotel from the ground up, then there are a lot of considerations when purchasing land, hiring contractors, working alongside business consultants, etc. While there are a lot of physical decisions to make, there may be a lot more legal discussions...
3 important considerations when filing bankruptcy for a hotel
Hotels require a lot of startup capital. Whether you buy an existing property to take over management or you construct a new hotel, seven and eight-figure price tags are not uncommon when acquiring facilities. Routine operating costs can also be quite expensive. You...
Why do restaurants go broke and what can you do?
Starting a bar or a restaurant is notoriously hard. Some estimates claim that about 80% of all restaurants go under in the first five years. It’s even 60% in the first year. If you’re an owner who made it through a single year without folding, you’re already running...
What to know about the debt in possession process as a hotelier
As a hotel owner, you likely don't need anyone to remind you of how destructive natural disasters, medical crises and issues with the economy can significantly impact your operations. These different phenomena may not only cause physical damage to your property,...
What restaurant owners should know about bankruptcy
When you decided to open a restaurant, you knew it was a risky venture. Many restaurants struggle and ultimately fail within a few years. Of course, 2020 has been a very difficult year for the restaurant business with mandated shutdowns and capacity limits due to the...
What hotel owners should know about bankruptcy options
The current coronavirus pandemic has hit the hotel industry hard. Business travel has plummeted – many businesses have yet to begin authorizing employee travel because of COVID-19. Also, far fewer Americans have taken vacations over the last six months, opting to stay...
Preserving your hotel or restaurant with Chapter 11 bankruptcy
Hotels and restaurants form the backbone of Florida's tourism industry. However, whether due to competitive markets, rising costs, a dependence on seasonal profits, effects of severe weather or more, Tampa business owners can find themselves managing an insurmountable...
Filing for bankruptcy as a Florida restaurant
Restaurants can go through periods of huge success, but just as quickly can come periods of hardship. This is why it is important for restaurants to keep a view on the long term, and factor in the possibility of financial hardships and debts. While bankruptcy is for...
Chapter 11 and the restaurant business
The last few years has seen scores of familiar names look to bankruptcy protection: Howard Johnson, Fox & Hound, ChiChi’s, Steak & Ale, Macaroni Grill, Sbarro's, Old Country Buffet to name a few. Even McDonald’s, the king of the restaurant industry, is...