SoCal Airport Hotel Flies to Bankruptcy Auction Next Month
By Nick Trombola June 26, 2024 12:14 pm
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Come fly with me to … Ontario, Calif.
The Ontario Airport Hotel & Conference Center is up for auction next month, following owner Morgan Group Holding’s Chapter 11 bankruptcy on the property earlier this year. The bid deadline for the auction is July 9, with Hilco Real Estate Sales as the broker.
Morgan Group filed for Chapter 11 protections on the 10-story, 309-key hotel on April 3, according to court records. The bankruptcy filing was a counter move from the firm, as its lender, Cathay Bank, previously filed its own petition to force the property into receivership. The bank claimed Morgan had defaulted on about $13.6 million in debt, records show.
Morgan had previously hoped to overhaul the hotel, and made some renovations last year, per Hilco.
Sitting just off Interstate 10 just a few blocks northeast of the Ontario International Airport, the hotel, at 700 North Haven Avenue in California’s Inland Empire region, features over 232,000 square feet, including about 22,000 square feet of meeting and banquet areas.
“This is a unique opportunity to acquire a well-performing hotel property in a key location,” said Keith Worsham, head of Hilco’s national hotel team, in a statement.
Representatives for Morgan and Cathay Bank did not immediately respond to requests for comment.
The airport and its surrounding amenities will likely only rise in prominence, as the Inland Empire has become the nation’s top hub for industrial logistics space in recent years. Well over 700 million square feet of industrial space is located in the region, with millions more in the pipeline despite slowing sale trends.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
