Owner of Clearwater Beach Hotel Files for Chapter 11

The owner of the Best Western Sea Wake Beach Resort in Clearwater Beach, Florida has filed for Chapter 11 bankruptcy protection while it restructures its finances.

Enchantment LLC filed its petition with the U.S. Bankruptcy Court in Tampa, estimating its assets and debts somewhere between $10 million and $50 million.

Enchantment paid $25 million for the hotel in October 2005, with plans to demolish the 25-year-old hotel and construct a $180 million condo tower that resembles a butterfly. 

According to Pinellas court records, Bank of America has since brought a lawsuit to foreclose on the property.

Since the economic downturn, countless hotels throughout the country have shut down or been forced to restructure through bankruptcy.

If you are interested in learning more about Chapter 11 bankruptcy, click here to find a bankruptcy attorney near you.