John Q. Hammons Hotels and Resorts will sell off 35 hotels and other assets to a New York investment firm as part of a bankruptcy settlement.
The Springfield News-Leader reports JD Holdings is buying the hotels – along with Hammons Tower and Hammons Field.
The firm expects to keep all 4,000 existing employees.
A bankruptcy judge still has to approve the deal.
The hotel properties have been in a trust since John Q. Hammons died in 2013.