Several small and mid-size hotel and short-term rental platform operators have filed for Chapter 11 bankruptcy over the last six months due to rising costs of operations, which have significantly impacted cash flow. The company behind hotels like The Tuscany and Hotel 27 shut down in 2025, while German hotel chain Revo Hospitality Group filed voluntary insolvency in 2026, and two Miami beach resorts filed for chapter 11 bankruptcy in the Southern District of Florida within weeks of each other. Chicago-based BY Hotel Spe-3, owned by mother-daughter duo Su-Mei Yen and Cassie Yen, the parent company behind two hotels in downtown Chicago. The bankruptcy filing lists between $100 million and $500 million in estimated assets and the same amount in liabilities including $146.7 million in mortgage debts. The Yens filed for bankruptcy protection amid a looming lawsuit from San Francisco-based lender Acore Capital, which is seeking to foreclose on the two hotels given more than $140 million in mortgages.