SAN ANTONIO (December 21, 2012)-- posh resort in Texas' Hill Country has filed for Chapter 11 bankruptcy and is seeking additional financing to remain in operation.
The San Antonio Express-News reported that the owners of the Stablewood Springs Resort west of Kerrville are also seeking a new business plan for the $50 million development on the Guadalupe River.
The newspaper reported the owners planned the resort to include 105 villas, a restaurant, a fitness center, a spa, swimming pools and event facilities, but only 24 of the villas have been built, and, although they were envisioned as second homes, they have mostly been rented out as hotel rooms.
An attorney for Stablewood Springs Resort LP says it's "business as usual" at the resort and that a cash infusion will be used to "energize" sales.
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