The troubled Marriott Pere Marquette Hotel is now in receivership and will be sold.
Our news partner 1470 WMBD reports the foreclosure process on the downtown Peoria hotel began after an emergency court hearing Wednesday. Peoria City Manager Patrick Urich told the radio station foreclosure began after a major financer, Yam, pulled out from negotiations on the hotel's financing on Tuesday.
The radio station reports the hotel will retain the Marriott name. The current hotel manager will remain in place, but the hotel's receiver will handle finances.
RE/MAX is supervising the hotel's sale.
In a Monday foreclosure hearing, Peoria County Judge Kate Gorman ruled in favor of a nearly $34 million foreclosure award to investor Indure Build-to-Core if developer Gary Matthews' refinancing efforts failed.
The city of Peoria holds a second mortgage on a $7 million loan to Matthews. It may not be able to recoup those taxpayer dollars.