PEORIA, Ill. — The former developers of the Hotel Pere Marquette in downtown Peoria have sued the city and its mayor again.
On Thursday, GEM Hospitality filed a second lawsuit in roughly seven months against the City of Peoria and Mayor Jim Ardis. Former Pere Marquette developer Gary Matthews owns part of the company.
GEM Hospitality was forced to file bankruptcy in 2018. Earlier this year, the Pere Marquette was sold to National Real Estate Advisors. It is currently being managed by a Chicago firm.
GEM is seeking $29 million in its lawsuit for its “lost investment in the hotel which value was destroyed by the conduct of the City,” the suit states.
Due to foreclosure and the legal battle over the Pere Marquette deal, Peoria has not received $7 million it invested in the project.
