Holiday Inn Express faces foreclosure
In 2006, Newton Investments LLC borrowed $2.49 million for the downtown Holiday Inn Express in Newton. There hasn’t been a payment on the loan since March.
The loan’s holder, Zions First National Bank, has given Newton Investments a foreclosure notice. The notice claims that the hotel has failed to make more than $80,000 in payments this year. Currently, $1.75 million remains unpaid on the loan.
The petition calls for a foreclosure on the loan due to the lack of monthly payments. Also, the suit states that the hotel is in risk of losing its Holiday Inn franchise because it has failed to meet benchmark quality scores and customer experience scores.
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