North Bay business briefs: Sonoma hotel files for bankruptcy, Santa Rosa hospital project ‘tops out,’ and more
IMH Financial Corp., the owner of MacArthur Place Hotel and Spa, at 29 E. MacArthur St. in Sonoma, filed for Chapter 1 bankruptcy protection on July 23. If its reorganization plan is approved by the bankruptcy court, all of the assets of the hospitality investment firm will be turned over to its largest shareholder, JP Morgan Chase, according to filing documents.
Arizona-based IMH both owns and operates the MacArthur Place, a longtime Sonoma hotel fixture just off Broadway. In its Chapter 11 bankruptcy court filing, IMH lists the hotel as its only income-producing property on a corporate balance sheet that includes $129 million in debt. IMH CEO Chadwick Parson describes MacArthur Place as his company’s “most important operating asset,” the document said.
In the filing, IMH management states that MacArthur Place “is not only heavily encumbered, but due to the relatively recent California wildfires and the continuing COVID-19 pandemic, has itself been in need of continual financial support which the Debtor, without this Chapter 11 filing, will be unable to provide in the future.“
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Sutter Santa Rosa Regional Hospital held one of the country’s first virtual “topping out” ceremonies for its new three-story expansion. The hospital’s CEO was joined via video conference by Rep. Mike Thompson, D-St. Helena; Sonoma Board of Supervisors Chairwoman Susan Gorin; and the HerreroBOLDT construction team to watch as the final structural steel beam was bolted into place.
The project is estimated to cost about $158 million and will add 40 all-private patient rooms, 13 outpatient care unit beds, an 11-bed post-acute care unit bay, and 21 emergency department bays. The hospital stated that the first phase of the three-story tower will add 67,000 square feet of space and is scheduled for completion in spring 2022. It will be followed by a phase II renovation to expand the hospital’s emergency department and support services in fall 2022.
Ahead of the event, hospital staff, physicians and construction crewmembers were invited to sign their names on the final beam, including former hospital CEO, Mike Purvis. The current CEO is Dan Peterson.
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Ladera Vineyards has completed acquisition of a new property, north of St. Helena, in the Napa Valley. The property, which is located at 3942 Silverado Trail North on several acres of land, includes an interim tasting room with terraced patio seating that is now open to the public for by-appointment tastings. The site, which rises several hundred feet into the hills behind the tasting room, was acquired by Ladera’s owners, the Stotesbery family, in 2019.
“The opening of the interim tasting room represents the first stage of a multi-phase project that will ultimately include an 8,600-square-foot cave winery, vineyards and a new hospitality building,” the Napa Valley winery stated.
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Cambria Sonoma hotel opened in Rohnert Park. The hotel has 132 rooms with pool, fitness center, restaurant and lounged. It is located at 5870 Labath Ave. In addition to Cambria Sonoma, the Fairfield Inn and Suites is scheduled to open later this year.
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Construction was recently completed on the San Rafael Public Safety Center, the largest public works contract to date for the city.
The more than $35 million public safety center houses the San Rafael Police Department, San Rafael Fire Department, the new Fire Station 51 and all associated offices and support.
The 43,500-square-foot steel-framed facility features a 17,217-square-foot basement and apparatus parking area and includes a shared central lobby with curtain wall and storefront systems, sunshades and multiple, complex interrelated building systems, according to the general contractor, Alten Construction, a San Francisco Bay Area commercial construction company.
The building will also hold the San Rafael Fire Department’s administrative division, such as the office of the fire chief, fire prevention bureau and administrative staff. Fire Station 51’s apparatus bay space will allow for a cross-staffing truck and secure bay for the vehicle. It also provides living accommodations for four firefighters and the battalion chief.
The 60-seat emergency operations center will function as a community meeting space and the facilities training classroom with tables for 24 and support areas for the emergency management functions.