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

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Sroka Hospitality filed for Chapter 11 protection Monday inthe ’sx Middle District of Florida claiming assets and liabilities of between $1 milliobn and $10 million, court documents Sroka Hospitality was founded in 2003 and purchased the Bradentobn hotel in 2007 for $7.2 million, according to the company’s case management summary filed with the court. Revenue was abourt $1.8 million in 2008 and is expectef to be almost half that in 2009at $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 County Tax Collector, a debt the companyy disputes. Both loans were handled throughthe .
Bank of the West said the hotel’sd value has fallen from $7.2 million to $2.8 million based on its own appraisal, however, Srokqa Hospitality said it believes the propertuy isworth more. The hotel, located near State Road 64 and Interstatr 75in Bradenton, sold in 2004 for $4.3r million. Sroka Hospitality purchased it aftert the company soldits St. Augustin e hotel in favor of having a Holiday Inn Expressebranded hotel, according to published reports.