>Hoteliers checked out, left baggage

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>In 2008, Kronos Hotels and Resorts and its CEO, Charles Morais, were the toast of the industry.

The Malaysian-born entrepreneur’s acquisition of eight hotels for $45 million in May raised the Atlanta-based company’s holdings to 36 properties in 10 states with an asset value of $250 million.

And that deal came on the heels of a $62 million purchase of 16 hotels in June 2007. One of the hotels was the former Holiday Inn at 521 Greenfield Road in Lancaster.

Following that purchase, Forbes magazine predicted Kronos could become a major hotel owner and operator both nationally and worldwide.

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