Houston-based restaurateur Tilman Fertitta is looking for a lender to provide a massive injection of cash to keep his huge hotel empire afloat.
Fertitta would be willing to pay a huge 15% interest to any lender willing to offer a “living” loan of $ 250 million, according to Bloomberg. In addition to this potential loan, Fertitta, which is worth more than $ 4 billion, has invested $ 50 million of his own money in the business in an effort to keep the hundreds of restaurants he operates under the umbrella of Landry, including the recently acquired chains Del Frisco’s and The Palm, as well as its Las Vegas casinos.
Nor is it the first desperate step Fertitta has taken. Earlier this month, his company has laid off more than 40,000 workers Across the country. Prior to that, Fertitta’s business had sparked outrage after employees at her posh Post Oak Hotel in Houston were told they would not be able to take paid time off for the foreseeable future. The company finally went back on this decision for employees who have not been affected by the leave.