MOORHEAD - The Moorhead AmericInn Lodge and Suites owned by a Willmar couple was sold at a sheriff's auction today for $3.2 million to North American State Bank of Willmar, Minn.
Six people appeared at the auction that lasted only five minutes. North American Bank was the only entity to offer a bid for the 168-room property located at 600 30th Ave. S.
The public foreclosure auction was held to settle a $3.47 million bank loan judgement against owners Paul and Cathy Cronen of Willmar.
The Cronen's did not appear at today's action. They previously said they were trying to find investors to help refinance the business within the allotted six months of today's sale.
Bank President Brian Borgerding said the hotel will remain open.
ADVERTISEMENT
"We will continue. We're not sure when we will be listing it for sale at this point," he said.
Readers can reach Forum Business Editor Craig McEwen at (701) 241-5502
