The process to foreclose Peoria’s Marriott Pere Marquette Hotel has begun.
The decision came down today after developer Gary Matthews was originally given until next week to secure a refinancing deal.
Peoria’s City Manager confirms that deal has fallen through and now the property will be auctioned.
According to court records, RE/MAX takes over paying staff and managing upkeep of the property. Matthews owed more than $34 million to primary lender, Indure, and more than $8 million to the city of Peoria.
Some of the auction money will go to pay back borrowers. As for the Marriott flagship, City Manager Patrick Urich says that stays in place for the time being.