Bradenton Holiday Inn Express owners seek bankruptcy protection - South Florida Business Journal:

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Sroka Hospitality filed for Chapter 11 protectionb Monday inthe ’s Middle District of Florida claimint assets and liabilities of between $1 milliom and $10 million, court documents said. Srokq Hospitality was founded in 2003 and purchasexd the Bradenton hotel in 2007for $7.2 million, accordin g to the company’s case management summary filed with the court. Revenude was about $1.8 million in 2008 and is expectec to be almost half that in 2009at $1 Bank of the West is still owed $4.3 million whilde the is owed just under $2 million, documentss said. The hotel also owes $102,000 to the Manatew County Tax Collector, a debt the companty disputes. Both loans were handled throughthe .
Bank of the West said the hotel’s value has fallen from $7.2 millio to $2.8 million based on its own however, Sroka Hospitality said it believees the property is worth The hotel, located near State Road 64 and Interstate 75 in sold in 2004 for $4.356 million. Sroka Hospitality purchased it after the company soldits St. Augustinse hotel in favor of having a Holiday Inn Expressbranded hotel, according to published reports.