Hotel Sold at Auction
By: Web Producer
Updated: April 22, 2008
The Executive Inn Owensboro was sold.
It went to the highest and only bidder for $5.6 million.
Thats two-thirds of its appraised value, which is $8.4 million.
The purchase was made by Marshall Investments, a mortgage holding company.
The property was ordered to be auctioned off last year because the hotel owed $9.5 million to their mortgage holder, which happens to be the company that bought it Monday.
Many were surprised there werent more people bidding.
Some say the buy was a smart move on Marshalls part to protect their interest in the company.
Marshall representatives had no comment.
