PEORIA, Ill. - The City of Peoria won't get back any of the $7 Million it loaned for the development of the Peoria Marriott Pere Marquette.
The hotel was up for auction Tuesday, but City Manager Patrick Urich says there were no bidders.
INDURE Build-to-Core had an initial bid of $39 Million, and the property is expected to be handed over to that company at a court hearing Friday.
Urich says the city will continue to pursue options in terms of recovering the money developer Gary Matthews owes on the property.
As of right now, the hotel will remain open and retaining the Marriott flag is up to INDURE.
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