By Grace Leong
<gracel@lasvegassun.com>
LAS VEGAS SUN
The newly bankrupt French Quarter Suites, a 96-unit motel owned by Las Vegas developer Ideal Development Inc.,
said it will become a Ramada Inn property as soon as it secures a $7 million loan to pay off its creditors.
The property filed for bankruptcy protection Tuesday.
Mark Anthony Rua, Ideal's owner, said it will be renamed Ramada Limited Suites once the balance of a franchise
fee is paid and it "has improved the property to Ramada's specifications."
"Cendant Corp., (the parent company of the Ramada franchise), reviewed our property in June and the deal was
committed on Jan. 12," he said. "We have to upkeep the property to Ramada's standards and pay royalties
based on gross revenue sales," he said, declining to reveal further details about the deal.
Read this entire story
in The Las Vegas Sun.