A real-estate investment firm led by Joseph E. Robert Jr., one of the most successful deal makers during the industry’s crisis in the 1990s, is exploring a potential bankruptcy filing for Highland Hospitality Corp. that would mark yet another collapse of a major hotel company as the economy struggles, according to people familiar with the situation.   Financial woes at the 27-hotel chain, with holdings scattered from the Ritz-Carlton in downtown Atlanta to the Hilton Boston Back Bay, already have sparked maneuvering for control of Highland between JER Partners, Mr. Robert’s private-equity firm, and some of the creditors that include Wells Fargo & Co.,Barclays PLC, Prudential Financial Inc. andAshford Hospitality Trust.  Blackstone Group LP also could emerge as a key creditor in deciding Highland’s fate. The private-equity giant bought about $300 million of Highland debt earlier this year at a big discount and has swooped in on some of the largest commercial real-estate bankruptcies recently.

A Chapter 11 bankruptcy filing isn’t expected until at least next month, the people said, cautioning that the talks are at an early stage. Highland could avoid bankruptcy court by raising more money to satisfy creditors, and the McLean, Va., company is in talks with Abu Dhabi Investment Authority and other possible investors for an infusion of at least $200 million that would give Highland breathing room.  Spokespeople for JER, Highland’s creditors and Abu Dhabi declined to comment.  More from the WSJ online…