Opryland, a boutique hotel chain, has gone bankrupt.
The hotel chain has filed for bankruptcy protection.
Oprylands hotel in the Netherlands is one of several hotels that went bust this week.
But it wasn’t just Oprylanders hotel.
Opries hotel chain also went bust.
The chain went belly up after its board, management and owners failed to raise enough money to cover the $500m investment the company made in 2016.
The loss is Oprylons second bankruptcy since the year 2000, after losing a $1.2bn investment in the mid-2000s.
Opys owners are now asking the court to approve an emergency loan, which could raise up to $1bn for OpryLands struggling brands.
The bankruptcy has left the hotel chain with a $2bn debt and a $200m debt to a bank.
The company is expected to file for bankruptcy again in a few weeks, according to Bloomberg.
Oprys debt is expected as much as $200bn.
Oprys hotel chain was founded in the early 2000s by David Bloch, who left a $3bn fortune to invest in a luxury hotel chain in the UK.
Opriests founders said in a statement the company had made “some significant progress” in the last year, but had not reached profitability.
The brand lost its position as the world’s second-biggest hotel chain.
Opris had about 1,600 properties in 52 countries, and had a revenue of about $7bn.