The owner of the downtown Peoria Marriott Pere Marquette hotel is attempting to refinance a loan.
Owner Gary Matthews wants to secure lower interest rates on loans he used to renovate the Pere and to build the adjacent Courtyard Hotel. Matthews is also discussing the hotel’s agreement with the Marriott Corporation allowing it to carry the Marriott corporate name.
Peoria City Manager Patrick Urich believes the Marriott corporate flag is important.
“We are hopeful that Mr. Matthews will be able to keep the flag and continue the operations of a Marriott hotel,” Urich said.
The city holds approximately $27 million in bonds used to help finance both hotels. Those are taxable bonds, which means the city is responsible for their repayment if the hotels close. Urich says he does not anticipate the hotel's closing.
However Marriott Corporation is not taking reservations for the Pere after January 23rd. The corporate reservation desk says the hotel will be under a different management company after that date.
The Pere neither confirms nor denies the matter, other than to say if you want a Marriott reservation after the 23rd it must be at the Courtyard.