MIDLAND, MI-Erie Hospitality has used a $10 million loan to buy out three other partners in a 235-room Holiday Inn here on Wackerly Street. The company plans to spend $16 million to put in an indoor and outdoor water park at the 160,000-sf property, which sits on 10 acres and is one of the few full-service hotels in the area.

The property has a strong revenue stream from conferences and banquets, as well as business and vacation stays, says a Midas Financials Inc. spokeswoman. The company, based in Dallas, was able to arrange a 6.5% loan to Erie, which came into the property in 2005. The owner bought out the partners who had co-developed the property in 1963. “The new owner plans to renovate the property and start construction of the water park in the next seven-to-eight months,” she says.

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