Hotel site at center of fraud case lands in bankruptcy

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An aborted $912 million Chicago hotel project that became ensnared in a federal fraud scandal has landed in Bankruptcy Court after being hit with a $9.7 million foreclosure judgment.

The venture that owns the development site for the hotel project near O’Hare International Airport filed for Chapter 11 bankruptcy protection June 23, citing assets of $1 million to $10 million and liabilities of $10 million to $50 million.

Anshoo Sethi, the developer of the property at 8201 W. Higgins Road, pled guilty in January to a charge that he bilked more than 290 Chinese citizens who agreed to invest $158 million in the hotel project.

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