UPDATED: Investor Kick-starts Foreclosure Process On Marriott Pere Marquette Project

Peoria - UPDATED: There are more problems for the Marriott Pere Marquette after an investor filed for foreclosure against the hotel in Peoria County Court.
                According to court documents, Indure Build-to-Core Fund filed for foreclosure, naming the City of Peoria, a dozen of other companies and people as defendants..
                It includes the Pere Marquette, the Courtyard by Marriott, the parking garage the hotels share and Gem Hospitality L.L.C.
The filings stem from a 2012 loan to the amount of $25 million. Indure Build-to-Core Fund is seeking payment of $38.9 million, which includes interest and other fees.

Gem hospitality issued this statement about the foreclosure Tuesday.

"We’ve received the notice and we are pursuing options to ensure our continued success.
We look forward to another very busy march madness weekend at the Pere Marquette Hotel - Peoria's crown jewel."


WMBD spoke with officials from the City of Peoria to hear their reaction - stay with us on-air and online throughout the day for the latest developments.


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