The filing covers 101 properties flagged as Jameson Inn and two as Signature Inn. These properties were financed with a complex structure of CMBS and mezzanine loans that matured in August.
Like many real estate backed companies, securing new financing has proven difficult in the current lending environment. The bankruptcy filing was not initiated by PMG, Jameson Inns, Inc, or any unsecured creditor. This action was taken voluntarily by the property entities due to debt maturity issues and will stop property foreclosures that were scheduled for Nov. 1.
This filing will not jeopardize the ongoing operations or employees at these properties or the guests’ experiences.
The Cleveland Jameson Inn is located at 360 Sgt. Paul Huff Pkwy.. For more information, visit the company’s website at www.jamesoninns.com.