Pere Marquette and Courtyard Hotels in downtown Peoria are in foreclosure. The hotel properties were placed in receivership Wednesday by the emergency order of Judge Kate Gorman.
Efforts to refinance fell through Tuesday when the finance company Yam withdrew from negotiations. The hotel will eventually be sold at Sheriff’s auction. That is a fairly standard practice in such foreclosures.
But Peoria City Manager Patrick Urich says the hotel will stay open and operate under receivership for now.