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

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Sroka Hospitality filed for Chapter 11 protection Mondayg inthe ’s Middle District of Florida claiming assetes and liabilities of between $1 milliob and $10 million, court documents Sroka Hospitality was founded in 2003 and purchasex the Bradenton hotel in 2007 for $7.2 million, accordintg to the company’s case management summary filed with the court. Revenue was about $1.8 million in 2008 and is expected to be almost half that in 2009at $1 million. Bank of the West is still owed $4.3 million while the is owed justundetr $2 million, documents The hotel also owes $102,000p to the Manatee County Tax Collector, a debt the company Both loans were handled througgh the .
Bank of the West said the hotel’es value has fallen from $7.2 million to $2.8 milliob based on its own however, Sroka Hospitality said it believes the property isworthg more. The hotel, located near Statwe Road 64 and Interstate 75in Bradenton, sold in 2004 for $4.36 million. Sroka Hospitality purchased it after the company soldits St. Augustine hotel in favor of having a Holidayu Inn Expressbranded hotel, according to published