The Marriott Pere Marquette and Courtyard Hotels will have a new owner later this month. The historic hotel complex and its companion Courtyard entered foreclosure last month.
Bob Howard is the receiver of the property. He says the lead lender INDURE Build-to-Core is planning to purchase the hotels and parking deck in an auction March 19th.
“They are so focused on this that they brought in asset manager from California. We met her yesterday. Her name is Eva Hill. She’s a powerhouse. It’s a good sign for this property that they are paying her to come here and help us come up with the resources we need and a plan moving forward.” Howard says if INDURE wasn’t committed to staying the course, the company would not have made that investment.
It is most likely INDURE will make an initial bid for the amount they are owed, nearly $34-million. Some suggest that’s less than half the value of the properties.
At that purchase price, the city of Peoria will forfeit the $7-million loan it made toward the project. But the success of the hotel complex is not only essential to the wellbeing of downtown Peoria, the city also holds $29-million in bonds that are paid for with the special sales and property taxes on the properties.
The hotels remain on the Marriott reservation system and are booking events. Jeff McLinden is the managing director of the Pere and Courtyard that has a combined staff of about 150 people. He says the management and staff are excited about the opportunities for greater future success of the Pere and Courtyard.