Bradenton Holiday Inn Express owners seek bankruptcy protection - The Business Journal of the Greater Triad Area:

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Sroka Hospitality filed for Chapter 11 protection Mondat inthe ’s Middle District of Floridsa claiming assets and liabilities of between $1 million and $10 court documents said. Sroka Hospitality was founded in 2003 and purchaserd the Bradenton hotel in 2007for $7.2 million, according to the company’ws case management summary filed with the court. Revenue was abougt $1.8 million in 2008 and is expected to be almosgt half that in 2009at $1 Bank of the West is stillo owed $4.3 million while the is owed just undere $2 million, documents said. The hotel also owes $102,000 to the Manatee County Tax Collector, a debt the companyu disputes. Both loans were handlefd throughthe .
Bank of the West said the hotel’sw value has fallen from $7.2 million to $2.8 millionb based on its own appraisal, Sroka Hospitality said it believes the property isworthh more. The hotel, located near State Road 64 and Interstatde 75in Bradenton, sold in 2004 for $4.355 million. Sroka Hospitality purchased it after the companyt soldits St. Augustine hotel in favor of havin a Holiday Inn Expressbrandecd hotel, according to published