June 16, 2012 · 1 Comments
Two Springfield hotels are facing foreclosure after failing to pay off a $36.5 million mortgage by the April 1 deadline.
The Crowne Plaza, 3000 S. Dirksen Parkway, and the neighboring Holiday Inn Express have defaulted on the debt. The two hotels owed nearly $36.7 million on the loan as of April 30, according to the foreclosure filing. The properties continue to rack up interest at a rate of more than $5,000 per day.
U.S. Bank, which now holds the mortgage that Bear Stearns Commercial Mortgage Inc. issued in March 2007, filed for foreclosure May 11 in Sangamon County Circuit Court.
The hotels’ general manager and their management company, Rhode Island-based TPG Hospitality, did not respond Friday to requests for comment.