SIOUX CITY HOTEL SOLD AT SHERIFF’S SALE

SIOUX CITY HOTEL SOLD AT SHERIFF’S SALE

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THE SIOUX CITY HOTEL AT 4TH AND JACKSON STREET HAS BEEN SOLD AT A SHERIFF’S SALE TO THE BANK THAT WAS THE PLAINTIFF IN THE RECEIVERSHIP CASE.

THE HOTEL WAS PURCHASED FOR TWO-POINT-FIVE-MILLION DOLLARS BY THE FIRST BANK AND TRUST COMPANY OF ILLINOIS, WHO WAS THE ONLY BIDDER IN THE SALE.

THE BANK WAS ALREADY OWED OVER THREE-POINT TWO MILLION DOLLARS FROM THE HOTEL’S PREVIOUS OWNER, TOWER SIOUX CITY LLC.

THE HOTEL IS OVER FOUR MILLION DOLLARS IN DEBT.

FIRST BANK AND TRUST HOPES TO FIND A NEW BUYER FOR THE PROPERTY.

A FLORIDA BASED GROUP PREVIOUSLY ANNOUNCED IT WAS PURCHASING THE HOTEL LAST NOVEMBER FOR FOUR MILLION DOLLARS, BUT THE DEAL FELL THROUGH.