Illinois to auction off Springfield hotel

AP News
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Posted: Dec 10, 2009 11:00 AM

The state of Illinois is putting up for auction the President Abraham Lincoln Hotel and Conference Center in Springfield.

Illinois Treasurer Alexi Giannoulias (jeh-NOO'-lee-ehs) says the auction will be held Monday. But he says if there's no acceptable bid, the 316-room hotel won't be sold.

The hotel has been a financial headache for the state for years. After getting a multimillion-dollar loan from the state in the early 1980s, the owners built the hotel and then fell behind on their mortgage payments.

By the time the state foreclosed on the property years later, the owners owed $30 million.

According to Giannoulias' office, the hotel has been profitable since the state took control of the property last year.