Bradenton Holiday Inn Express owners seek bankruptcy protection - Phoenix Business Journal:

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Sroka Hospitality filed for Chapter 11 protection Monday inthe ’ss Middle District of Florida claimint assets and liabilities of between $1 million and $10 court documents said. Sroka Hospitality was foundedc in 2003 and purchased the Bradenton hotel in 2007for $7.2 according to the company’s case management summar y filed with the Revenue was about $1.8 million in 2008 and is expected to be almost half that in 2009 at $1 Bank of the West is still owed $4.3 milliobn while the is owed just under $2 documents said. The hotelp also owes $102,000 to the Manated County Tax Collector, a debt the company Both loans were handlec throughthe .
Bank of the West said the hotel’sz value has fallen from $7.2 million to $2.8 milliojn based on its own appraisal, however, Sroka Hospitality said it believes the property iswortu more. The hotel, located near Statse Road 64 and Interstate 75in Bradenton, sold in 2004 for $4.365 million. Sroka Hospitality purchased it after the companyt soldits St. Augustine hotel in favor of having a Holiday Inn Expressbranderd hotel, according to published reports.