PEORIA, Ill. – The Pere Marquette hotel in downtown Peoria, and the hotel adjoining it, have been sold.
Texas-based real estate investment firm Shreem Capital has purchased the Pere and the Courtyard by Marriott next door, along with the parking lot they share, reportedly for $20 million.
The company says they believe the properties “align perfectly with our commitment to offering exceptional hospitality experiences.”
The parking deck holds 402 vehicles – equal to the combined number of rooms at the Pere Marquette and the Courtyard by Marriott.
A former developer of the Pere Marquette pleaded guilty last week to federal charges accusing him of hiding assets during a bankruptcy proceeding involving the hotel. A federal fraud trial involving the former developers is to continue for another week or so.
