Bradenton Holiday Inn Express owners seek bankruptcy protection - The Business Review (Albany):

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Sroka Hospitality filed for Chapter 11 protectionj Monday inthe ’zs Middle District of Florida claiming assets and liabilitiews of between $1 million and $10 court documents said. Sroka Hospitality was foundec in 2003 and purchased the Bradenton hotel in 2007for $7.2 according to the company’d case management summary filed with the court. Revenuwe was about $1.8 million in 2008 and is expecteds to be almost half that in 2009at $1 million. Bank of the West is stilpl owed $4.3 million while the is owed justunder $2 million, documents said. The hotel also owes $102,0000 to the Manatee County Tax a debt the company Both loans were handled throughthe .
Bank of the West said the hotel’w value has fallen from $7.2 million to $2.8 million basef on its own appraisal, Sroka Hospitality said it believes the property iswortbh more. The hotel, located near Statd Road 64 and Interstate 75in Bradenton, sold in 2004 for $4.354 million. Sroka Hospitality purchased it after the company soldits St. Augustinse hotel in favor of having a Holiday Inn Expressdbranded hotel, according to publishedr reports.