PEORIA, Ill -- The City of Peoria is hoping its investment is safe after contributing millions of dollars to the renovation and construction of the Marriott Pere Marquette and attached Courtyard by Marriott.
Reports have now surfaced that that the hotels' developer, Gary Matthews, has been named in multiple lawsuits and is facing foreclosure proceedings on other properties in Tazewell County.
The possibility of Matthews going bankrupt has investors on alert.
“Many of the other properties that the banks foreclosed on over in Tazewell County were not directly related to this project, but we're going to keep an eye on that,” said City Manager Patrick Urich. “We're going to dig into it a little bit more, review it from our perspective, and make sure that our rights are protected.”
In total the city has invested $36 million in the two hotels, including $29 million of taxpayer bonds.