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Bloomington, Illinois' Former Parke Hotel and Conference Center Re-flags
as the Parke Regency Hotel and Conference Center

Under New Ownership by Auctus, Now Managed by Core 3 Property Management

By Karina Gonzalez, The Pantagraph, Bloomington, Ill.McClatchy-Tribune Regional News

Jan. 19, 2013--BLOOMINGTON -- A Bloomington hotel sold in a foreclosure sale last summer has a new owner, new name and upgrades in the works.

The former Parke Hotel and Conference Center, 1413 Leslie Drive, Bloomington, is now under the ownership of the Bloomington company Auctus, a family-owned firm that also owns apartment buildings in the Twin Cities. The hotel is now managed by Core 3 Property Management in Bloomington.

Signs reflecting the hotel's new name, Parke Regency Hotel and Conference Center, will be installed within the next two months, said Mark Fetzer, general manager for Core 3. Room rates are still being finalized.

The hotel's restaurant will be converted into a sports-themed establishment with an expanded menu that will also include vegetarian and heart-healthy dishes, Fetzer said Friday. The Bloomington Liquor Commission last week recommended approval of an application by the hotel for a liquor license that allows the establishment to sell all types of alcohol seven days a week; it now heads to the Bloomington City Council for a vote. Other changes include new carpeting and fresh paint for the hotel's meeting rooms.

"It's going to give people more options," said Fetzer.

Busey Bank was the lender that originally financed the hotel. In May the bank filed a foreclosure against hotel developer and managing partner Larry Bielfeldt for two unpaid mortgages totaling $5.6 mil-lion. The bank was the sole bidder in the foreclosure sale in August and acquired the hotel for $4.2 million and surrounding property for $750,000. Busey Bank declined to disclose the sale price.

The hotel's foreclosure history had a negative effect on its image, said Fetzer, adding that employees will now work to rebuild its clientele.

"A lot of brides were nervous to book out there because there's been bad publicity out there and people could not count on it being open," said Fetzer.


(c)2013 The Pantagraph (Bloomington, Ill.)

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