A federal judge has granted approval of the sale of the Peoria Marriott Pere Marquette to INDURE Build-to-Core.
At a court hearing on Friday, Judge Thomas Perkins approved the sale, and the sale order is in progress. Once finalized, a hearing will be held Sept. 26 to check the progress of the sale order.
All sides involved said the sale order is almost complete, and should be finished by that date.
An attorney for the Peoria Riverfront Museum also discussed how a piece of the museum’s artwork is in the hotel, and the parties involved agreed to negotiate a new agreement once INDURE officially takes over.
“From the outset of our involvement in the project’s redevelopment, our objective has been to make the hotel the centerpiece of the Peoria community and the central business district—the court’s ruling now paves the way for that to happen,” National Real Estate Advisors, the company that leads INDURE, said in a statement.
The hotel was up for auction Tuesday, however there were no bidders. The City of Peoria will not be getting back any of the $7 million it loaned for the development of the hotel.
As of right now, the hotel will remain open and retaining the Marriott flag is up to INDURE.