The company that operates downtown's Capitol Plaza Hotel, formerly the Clarion Hotel, filed this month for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of Washington.
Mire Investment Inc., whose primary asset is the Capitol Plaza Hotel at 900 Capitol Way S., has total debts of $6.5 million and total assets of $6.47 million, court documents show. Mire Investment attorney Karl Park declined to comment about the case on the phone. He also did not respond to questions sent to him via e-mail.
Also included in the bankruptcy filing is a one-month snapshot of the hotel’s expenses and revenue for May.
At the end of the month, the hotel showed room sales and rental income of about $33,000, compared with expenses of about $55,000. Chapter 11 bankruptcy filings typically are filed so that a business can restructure its debts and remain in business.