Hawaiian Hotelier Obtains $40.5M Loan in Order to Emerge From Bankruptcy
HONOLULU, HI, February 10, 2006. Hotelier Andre Tatibouet has obtained a $40.5-million debtor-in-possession loan through Strategic Capital Solutions, LLC that promises to help re-establish Tatibouet's hotel business in Hawaii and facilitate his efforts to emerge from personal bankruptcy.
Securing the loan is Tatibouet's 247-room Coral Reef Hotel on Waikiki Beach here as well as his 18,000-sf Hawaiian home. Recently, Tatibouet named Aqua Hotels & Resorts as the new operator of the Coral Reef Hotel. In conjunction with that announcement, the hotel was renamed the Aqua Coral Reef. A $7-million renovation project will now take place this spring at the hotel. The DIP financing makes the renovation project financially possible.
SCS was able to secure the funding for the loan and close on it within a matter of days. However, the complete transaction took several months because of the number of parties involved in the bankruptcy proceedings.
Tatibouet originally filed for Chapter 11 bankruptcy in April of 2005 in order to block the possible foreclosure of the Aqua Coral Reef. With the DIP financing now in place, Tatibouet's bankruptcy reorganization plan should be carried out within the next six months.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
