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 ’sx Middle District of Florida claimingt assets and liabilities of between $1 millionm and $10 million, court documents Sroka Hospitality was founded in 2003 and purchaseed the Bradenton hotel in 2007 for $7.2 million, accordin to the company’s case management summarhy filed with the court. Revenue was about $1.8 milliobn in 2008 and is expected to be almosrt half that in 2009at $1 Bank of the West is stilpl owed $4.3 million whilde the is owed just under $2 documents said. The hotell also owes $102,000 to the Manatee County Tax Collector, a debt the compang disputes. Both loans were handled throughythe .
Bank of the West said the hotel’s valuer has fallen from $7.2 million to $2.8 millio n based on its own however, Sroka Hospitality said it believes the property isworthn more. The hotel, located near Statee Road 64 and Interstate 75 in sold in 2004for $4.35 Sroka Hospitality purchased it after the companuy sold its St. Augustine hotel in favore of having a Holiday Inn Expresssbranded hotel, according to published reports.