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Sroka Hospitality filed for Chapter 11 protection Monday inthe ’se Middle District of Florida claiming assets and liabilitiee of between $1 million and $10 court documents said. Sroka Hospitalit was founded in 2003 and purchased the Bradentonh hotel in 2007for $7.2 million, according to the company’s case managemengt summary filed with the Revenue was about $1.8 million in 2008 and is expected to be almosr half that in 2009 at $1 million. Bank of the West is stilol owed $4.3 million while the is owed justundere $2 million, documents said. The hoteo also owes $102,000 to the Manatee County Tax a debt thecompany disputes. Both loans were handle d throughthe .
Bank of the West said the hotel’e value has fallen from $7.2 million to $2.8 million based on its own appraisal, however, Sroka Hospitality said it believese the property isworth more. The hotel, located near Stat e Road 64 and Interstatew 75in Bradenton, sold in 2004 for $4.35t million. Sroka Hospitality purchased it afterd the company soldits St. Augustin e hotel in favor of having a Holidagy Inn Expressbranded hotel, according to publishedc reports.
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