SIOUX CITY, Iowa (AP) — An Illinois bank was the sole bidder in a foreclosure sale for a 12-story hotel in downtown Sioux City.
The Sioux City Journal reports (http://bit.ly/X4nJC7 ) First Bank & Trust Co. bid $2.5 million for the hotel and convention center at a July 15 sheriff's foreclosure sale. The bank held the mortgage on the building and has a $5.2 million court-awarded judgment against two former owners.
City officials have repeatedly said the 193-room hotel, which opened in 1974, is vital to attracting large conventions and bookings to Sioux City.
The hotel's deteriorating condition has been blamed for a drop in event bookings at the convention center.
City Council member Dan Moore says the sale should make it easier for the bank to deal directly with developers interested in the property.