Two downtown hotels and its accompanying parking deck have a new owner.
Shreem Capital of Irving, Texas bought the historic 286-room Hotel Pere Marquette, 116-room Courtyard by Marriott, and a 402 parking space garage on SW Monroe for a combined total of just under $20 million, according to documents filed this month with the Peoria County Clerk and Recorder of Deeds.
That's far less than the $38.4 million that union pension fund INDURE Build-to-Core paid for the properties back in 2018 after the collapse of Gary Matthews' and Monte Brannan's business venture. The developers are currently embroiled in an ongoing federal embezzlement trial related to the hotel's previous financing.
INDURE was the largest investor in the hotel redevelopment project. Others lost their investments, including the city of Peoria, which wasn't able to recoup a $7 million loan.
Shreem Capital was founded by Jiger Patel, Bhavin Patel, and Dayakar Puskoor. The Pere Marquette and Marriott are the first two hotels for the company in Illinois, which also currently owns hotels in Missouri, Arkansas, Oklahoma, and Texas.
The company tends to acquire both boutique hotels and "existing stable cash-flowing hotels," per their web site. It's unclear under which category the two hotels fall.
WCBU reached out to Shreem Capital for additional comment on Sunday.
