The fate of the shuttered Sheraton Four Points Hotel in downtown Peoria will take a new turn this month. The 275-room property goes up for online auction July 20-22. Peoria Convention and Visitor’s Bureau CEO
Don Welch says the the property listed on auction.com has already garnered interest.
“I’m not sure what it will go for, but it’s going to take a significant additional investment to get it back to an operating state,” Welch said.
The hotel was set for a $10 million renovation, when legal troubles engulfed hotel owner Nik Patel. He was arrested on charges of loan fraud last year. The starting bid for the property is $3.5 million.
The hotel’s downtown Peoria location qualifies it for certain economic development and tax incentives.