Facing foreclosure, Perichi’s Hotel files for Ch. 11
Empresas Playa Joyuda Inc., owners of the 50-room Perichi’s Hotel, Restaurant & Cocktail Lounge in Cabo Rojo, filed for Chapter 11 protection at the U.S. Bankruptcy Court last Friday, News is my Business learned.
Perichi’s has apparently been having trouble since late last year, when Banco Popular, it’s main creditor, filed a lawsuit at the Mayagüez Superior Court seeking authorization to foreclose on the hotel. The bank won the case in March 2012, and Perichi’s is slated to be sold at public auction Tuesday, court documents show.
The hotel, which is part of the Puerto Rico Tourism Company’s “paradores” program, listed nearly $2.6 million in debt and $1.9 million in assets. In its filing, approved during a board of director’s meeting on June 28, Empresas Playa Joyuda listed Banco Popular as its largest creditor, followed by the Puerto Rico Treasury Department to which it owes $50,000 in Sales and Use Tax payments from 2009 to present.
The property’s popularity has also has apparently been declining in recent months, judging from reviews by travelers who have stayed at the hotel.