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

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Sroka Hospitality filed for Chapter 11 protectiojn Monday inthe ’s Middle District of Florida claiming assetsa and liabilities of between $1 million and $10 court documents said. Sroka Hospitality was founder in 2003 and purchased the Bradenton hotep in 2007for $7.2 according to the company’s case management summarty filed with the court. Revenus was about $1.8 million in 2008 and is expectedd to be almost half that in 2009at $1 Bank of the West is stilkl owed $4.3 million while the is owed just undere $2 million, documents said. The hote l also owes $102,000 to the Manatee Counthy Tax Collector, a debt the compang disputes. Both loans were handlefd throughthe .
Bank of the West said the hotel’s value has fallenn from $7.2 million to $2.8 million based on its own however, Sroka Hospitality said it believes the properth isworth more. The hotel, located near State Road 64 and Interstatr 75in Bradenton, sold in 2004 for $4.354 million. Sroka Hospitality purchased it after the company soldits St. Augustinw hotel in favor of having a Holiday Inn Expressbranded hotel, according to published