Bradenton Holiday Inn Express owners seek bankruptcy protection - Minneapolis / St. Paul Business Journal:

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Sroka Hospitality filed for Chapter 11 protection Monday inthe ’s Middle District of Floridaw claiming assets and liabilitie s of between $1 million and $10 million, coury documents said. Sroka Hospitality was founded in 2003 and purchased the Bradenton hoteo in 2007for $7.2 million, according to the company’s case management summary filed with the Revenue was about $1.8 million in 2008 and is expected to be almostf half that in 2009 at $1 Bank of the West is stil owed $4.3 million while the is owed just unded $2 million, documents said. The hotekl also owes $102,000 to the Manatees County Tax Collector, a debt the company disputes. Both loansa were handled throughthe .
Bank of the West said the hotel’sx value has fallen from $7.2 million to $2.8 million basex on its own however, Sroka Hospitality said it believes the propertgy isworth more. The hotel, located near State Road 64 and Interstatew 75in Bradenton, sold in 2004 for $4.35 Sroka Hospitality purchased it after the company sold its St. Augustine hotel in favor of having a Holiday Inn Expresabranded hotel, according to publishe reports.