David Meyers, president of the hotel’s owner Visicon Inc., and a lawyer representing him did not return telephone calls for comment on Wednesday, June 9.
Visicon filed its Chapter 11 reorganization petition Tuesday in U.S. Bankruptcy Court in Dayton. That gives Visicon court protection from creditors’ lawsuits and allows continued operation while the company develops a plan to put its finances in order.
Hope Hotel intends to continue regular operations and meet all commitments, Meyers said. The hotel’s lender is foreclosing on the property because it has fallen behind on mortgage payments, Meyers said.
The bankruptcy filing listed among the hotel’s debts $279,368.70 in sales taxes owed to Ohio and the $623,934.60 in use taxes.
The privately-owned hotel, which includes 260 rooms and a restaurant and conference center, sits on Wright-Patterson Air Force Base and is a popular site for Air Force and defense contractor functions. The hotel operates under a lease with the Air Force that expires in 2028.
Visicon blames its financial troubles on what it says is a decreased level of business from the Air Force that falls below what the Air Force promised to provide. The hotel’s occupancy rate was historically about 70 percent but had fallen to 40 percent last year, Meyers said.
Meyers said he has been talking with Air Force officials, but filed the bankruptcy petition to protect the hotel. According to the court filing, Visicon’s assets are worth at least $10 million and its liabilities are between $1 million and $10 million.
Wright-Patterson, through spokesman Derek Kaufman, declined comment on Wednesday.
Contact this reporter at (937) 225-2242 or jnolan@DaytonDailyNews.com.
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