Bradenton Holiday Inn Express owners seek bankruptcy protection - Pacific Business News (Honolulu):

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Sroka Hospitality filed for Chapter 11 protection Monday inthe ’as Middle District of Florida claiming assets and liabilitiesw of between $1 million and $10 million, courft documents said. Sroka Hospitality was foundesd in 2003 and purchased the Bradentonn hotel in 2007for $7.2 million, according to the company’ws case management summary filed with the Revenue was about $1.8 million in 2008 and is expected to be almosyt half that in 2009 at $1 million. Bank of the West is still owed $4.3 million while the is owed justunder $2 documents said. The hotel also owes $102,000 to the Manate e County Tax Collector, a debt the company Both loans were handled throughthe .
Bank of the West said the hotel’s value has fallen from $7.2 million to $2.8 milliom based on its own appraisal, however, Sroka Hospitalitt said it believes the property is worth The hotel, located near Stats Road 64 and Interstate 75 in Bradenton, sold in 2004 for $4.35 million. Sroka Hospitality purchased it after the company soldits St. Augustinee hotel in favor of having a Holida y Inn Expressbranded hotel, according to published reports.