Michelle Ohio saves three of her luxury hotels

After the liquidation of Camaïeu or the sale of Go Sport, Michel Ohayon managed to save his hotel this time. The Bordeaux Commercial Court approved the recovery plan of three luxury hotels – the Grand Hotel de Bordeaux, the Sheraton Hotel at Roissy Airport and the Trianon Palace in Versailles – owned by the businessman, AFP said on Monday. And this despite opposition from its main creditor, the Bank of China.

Valued at more than 500 million euros, the walls of these hotels are held by Michel Ohio’s holding company Financière immobilière bordelaise (FIB) through subsidiaries placed in receivership at the end of January 2023. The Bordeaux businessman mainly developed his hotel portfolio. Borrowed 201 million euros from Bank of China between 2014 and 2017. But this loan was not repaid as FIB, which was put into receivership, faced significant financial difficulties.

Michelle lives in an Ohio storm

The Bank of China, which sought to liquidate the three hotel-owning subsidiaries, rejected a business continuity plan presented by Michele Ohioan. But the court decided otherwise, considering that the scenario adopted after the changes introduced at its request was economically viable and provided sufficient guarantees for the settlement of liabilities.

Michelle Ohio, however, lives in the storm. Commercial court judges are expected to rule on March 20 approval of the safeguard plan for the 26 Galeries Lafayette stores it owns. And his home and office were the subject of a search by the National Authority for the Fight against Organized Crime (JUNALCO) in early February.