— Hotels and motels in the Chattanooga area are closing after failing to raise enough capital to pay staff salaries, according to a company filing with the U.S. Securities and Exchange Commission.
Hotels that have operated since 2009 include the Holiday Inn, the Bluegrass Inn and Marriott Chattanooga, which are also owned by Tennessee-based Bluegrass Group Holdings LLC, according the filing.
The Chattanooga hotel and motel chain also filed a lawsuit in July to stop new owners from taking over.
Hotel and motel chains have struggled to stay afloat in a volatile market as technology has made it easier to book, book-to-go and book-on-demand services.
The U.N. Food and Agriculture Organization has warned that many of the world’s poorest people are moving away from the cities and rural areas to cities, and that a lack of adequate food and water and a shrinking land area will cause “devastating effects” on the global food system.
Hotel chains that have not made inroads in the U, or have failed to do so, are required to report their finances to the SEC, which has set a deadline of Jan. 6 for all U.K.-based chains to report.