The Bon Morro, LLC, owner of The Bon in Boston’s Fenway, filed Chapter 11 on Nov. 2, 2025, after a dispute with its landlord over refinancing consent. Despite 95% occupancy, a $165M senior loan and leasehold restrictions created timing pressure. The case highlights how consent-dependent refinancing under ground leases can drive distress even in well-leased assets.

The Holiday Inn Port of Miami-Downtown, purchased for $65M in 2015, is headed for a Chapter 11 bankruptcy auction this December with a $175M listing price. Its owners defaulted on a $70M floating-rate loan as rising interest costs strained finances. Despite valuable air rights and redevelopment potential, the project’s timing and structure proved vulnerable, underscoring that resilience, not entitlement, defines real estate success.