Remaining Hammons assets to be sold to New York firm
SPRINGFIELD, Mo. (AP) — John Q. Hammons Hotel & Resorts will sell its remaining 35 hotels and other assets to a New York investment firm.
The Springfield News-Leader reports a bankruptcy settlement filed Tuesday stipulates that the Hammons properties be sold to JD Holdings, owned by Jonathan Eilian.
Court document say JD Holdings plans to keep nearly all of Hammons’ existing employees.
The settlement comes after years of litigation and a bankruptcy filing over Hammons’ property. Jacqueline Dowdy, who led the Hammons company since founder John Q. Hammons died in 2013, has battled Eilian for control of the assets.
A judge must still approve the settlement.
The compromise calls for JD Holdings to establish and contribute at least $20 million to a new charitable trust to be named the John Q. Hammons Charitable Trust.
Information from: Springfield News-Leader, http://www.news-leader.com