(From 25 News)–The new owners of the Hotel Pere Marquette in downtown Peoria said they plan to restore the historic building to “its original grandeur.”
The historic hotel was constructed at Main Street and SW Madison in 1926. For the last several years, the hotel’s future hung in the balance as it went through a bankruptcy battle in the federal courts under former owner, Gary Matthews, a local developer.
The hotel is now owned under the umbrella of National Real Estate Advisors after a federal bankruptcy court awarded ownership of the hotel to its largest creditor, union pension fund Indure Build-to-Core. The city of Peoria also invested money in the hotel under Matthews’ ownership.
The Peoria Marriott Pere Marquette Hotel is an iconic, contemporary and timeless property that has been a staple in the community for years in the heart of Peoria,” said Jeff McLinden, managing director of the Peoria Marriott Pere Marquette. “The new ownership group is committed to returning it to its grandeur, and we are eager and excited to work with them to unveil the new enhancements for not only our guests to enjoy, but also the community.”
The exact scope of the renovations is unclear, but National said it will include “multi-million dollar upgrades in both public spaces and meeting spaces.”
The 286-room hotel was added to the National Register of Historic Place in 1986. First Hospitality Group of Chicago will manage the day-to-day operations of the hotel.