### Asheville Hotel Project Faces Bankruptcy and Legal Challenges
#### **Hyatt Place Asheville Airport Remains Unfinished After Nearly a Decade**
**FLETCHER, NC** – The Hyatt Place Asheville Airport, a seven-story hotel near Interstate 26 and Airport Road, remains closed despite years of development efforts and multiple projected opening dates. The project, spearheaded by local hotelier **Pratik Bhakta** through his company **PMHB LLC**, has been plagued by financial and legal troubles, culminating in a **Chapter 11 bankruptcy filing on March 2, 2025**.
### **Financial and Legal Struggles**
Bhakta’s company has faced multiple lawsuits from contractors claiming unpaid work, as well as a **$17 million promissory note default**. The Atlanta-based asset management firm **The Ardent Companies** sued Bhakta, alleging he defaulted on a **$12.8 million loan**, which has since grown to **$17.5 million**. The loan was originally issued by Pinnacle Bank in 2019 to fund the hotel’s construction.
Additionally, **Place Services Incorporated**, a former general contractor on the project, filed a lawsuit in 2023, claiming Bhakta failed to pay a **$350,000 promissory note** and did not execute a deed of trust on the property. The case has since moved to private arbitration.
### **Years of Delays and Unfinished Construction**
The hotel’s development began in **2016**, with Bhakta initially projecting an opening in **late 2017**. However, construction did not begin until **2019**, and subsequent delays pushed the expected opening to **2022, then 2023, and later March 2024**. Despite being listed on **Google Maps** and accepting bookings for **September 2025**, the hotel remains incomplete.
Contractors working on the project have also struggled with payment issues. **Chris Masotti**, owner of **Copper Ford Metalworks**, stated that general contractors—not Bhakta—were responsible for missed payments to subcontractors. However, after filing a claim, Masotti said he eventually received payment.
### **Foreclosure and Bankruptcy Filing**
As financial pressures mounted, **Ardent Companies began foreclosure proceedings** against PMHB LLC in early 2025. Bhakta responded by filing for **bankruptcy on March 5**, listing liabilities between **$10 million and $50 million**. Court filings indicate he owes **$1.8 million to creditors**, including **$225,000 to WDG Construction Group**, the current general contractor.
Bhakta also has an ownership stake in **HAMB LLC**, which operates a **Budget Motel** near the Hyatt Place site. He declined to comment on whether the bankruptcy has affected his other businesses.
### **Future of the Hyatt Place Asheville Airport**
Despite the ongoing legal battles and financial setbacks, Bhakta remains committed to opening the hotel. He stated that his company is pursuing **reorganization** to **complete construction, begin operations, and meet its financial obligations**.
“We are seeking reorganization to foster a path forward for the property to open, operate, and pay its debt obligations,” Bhakta said.
As of **March 12, 2025**, the Hyatt Place remains **gated off**, with **caution tape and construction signs** still visible. While the **windows are installed**, some rooms remain **unfinished**, exposing the building’s interior framework.
Whether the Hyatt Place Asheville Airport will finally open remains uncertain, but Bhakta insists that his goal is to **see the project through to completion**.
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**Will Hofmann** is the Growth and Development Reporter for the Asheville Citizen Times. Contact him at **WHofmann@citizentimes.com**.
Source: citizen-times.com