Soreide Law Group is representing investors who were sold the Hospitality Investors Trust Real Estate Investment Trust which has now filed for Chapter 11 bankruptcy. The restructuring plan may extinguish your financial interest in the Hospitality Investors Trust Real Estate Investment Trust or “HIT REIT,” or severally diminish the value. Many stock brokers marketed this investment as a safe and stable income producing investment.
Here is the bankruptcy filing: https://www.csbankruptcyblog.com/wp-content/blogs.dir/375/files/sites/55/2021/05/here.pdf
Soreide Law Group has been contacted by several investors regarding financial losses in the HIT REIT, and wish to file FINRA arbitrations against the stock brokers or financial advisors that marketed and sold this REIT as a safe, asset backed investment that was suitable for retirees or conservative income investors.
On May 19, 2021, Hospitality Investors Trust Operating Partnership, L.P., a New York-based hotel industry real estate investment trust, severely impacted by the Covid-19 related travel drop-offs, along with affiliate Hospitality Investors Trust, Inc., filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10830). The company, reports $1 billion to $10 billion in both assets and liabilities. The debtors intend to implement a restructuring through a prepackaged plan with the support of plan sponsor Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC.
Our firm is investigating potential claims against the financial advisors and broker/dealers that marketed the HIT REIT to their clients. Under the securities laws, these firms had a legal obligation to undertake reasonable and adequate due diligence into the HIT REIT offering. We believe the firms that sold HIT REIT may have been negligent in their review and recommendations of this product. We also believe that this product was unsuitable for many of the people who invested in HIT REIT.
If you have suffered financial losses in the Hospitality Investors Trust Real Estate Investment Trust or “HIT REIT,” due to the actions or recommendations of your broker/dealer or financial advisor, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.