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May 31, 2014 07:06 PM

Downtown Sioux City Hotel Set To Be Auctioned

Sioux City, IA

Sioux City officials are hoping a foreclosure sale this summer of the Sioux City Hotel and Convention Center will net a buyer willing to make major renovations to the troubled downtown property.

The 10-story hotel is set to be auctioned at a Woodbury County Sheriff's sale on July 15.

Proceeds from the sale will help satisfy a more than $5.2 million judgment a court awarded May 2 to the Illinois bank that foreclosed on the property.

The judgment for First Bank and Trust Company of Illinois is against two of the hotel's former owners, Choa Hope LLC and Tower Sioux City LLC.

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