|Grand Forks Herald, N.D.McClatchy-Tribune
Aug. 06, 2012--Two Grand Forks hotels will be auctioned off after the company that owns them filed for bankruptcy for owing a bank more than $7 million.
Grand Forks Lodging, which owned the GuestHouse Town House and Settle Inn, filed for bankruptcy Oct. 1, 2010, after failing to make loan payments since December 2009.
On March 29, U.S. Bank National Association received a federal court judgment for $8.02 million and foreclosure on the properties.
The debt includes $6.34 million in unpaid loan balance and another $2.27 million in interest, fees and lender costs.
Grand Forks Lodging has $586,000 in credit, including money in escrow, reserve and suspense.
In 2011, Grand Forks County assessed the GuestHouse Town House, at 710 First Ave. N. downtown, at $2.59 million. The county assessed the Settle Inn, at 1211 N. 47th St., at $1.18 million.
The GuestHouse Town House auction will take place outside the front door of Grand Forks County Courthouse on Aug. 14 at 10:45 a.m.
The auction for the Settle Inn will be scheduled for Sept. 25 at 10 a.m., according to U.S. Bank attorney Michael A. Loesevitz.
(c)2012 the Grand Forks Herald (Grand Forks, N.D.)
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