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Popular Rockland hotel bankrupt amid allegations ex-manager stole over $1MPosted: Updated:
A popular hotel in Rockland is now bankrupt amid accusations that a former manager stole more than $1 million.
The Time Nyack Hotel opened up two years ago and is considered a local hotspot.
Despite its appeal and popularity, the $20 million hotel on High Avenue is now bankrupt and $40 million in debt, according to court documents.
A federal judge approved the Chapter 11 designation on Tuesday amid investor allegations that former manager Edgar Costa stole more than $1 million by forging documents and hacking emails.
At this point, no charges have been filed against the former manager and the future of the hotel remains unclear.
A court appointed trustee will now oversee The Time Nyack Hotel's assets and comb through its books.