X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. CHARLES, IL-The historic Hotel Baker, which has eluded a new owner before and after LaSalle Bank acquired it through a foreclosure on $3 million in loans, is on the auction block again. The bank has hired Sheldon Good & Co. Auctions LLC to sell the property along the Fox River through a sealed-bid, absolute auction.

That means the property at 100 W. Main St. will likely be sold regardless of price when bids are opened July 15. The bank also is offering financing for the six-story, 53-room hotel listed on the National Registry of Historic Places.

Built in 1928, the hotel was converted to a retirement home about 40 years ago. It reopened as a hotel in 1997 after being acquired by two local investors, but has been closed since January 2002.

The property will be open for inspection four times beginning later this month and July.

“This beautifully restored property, with millions invested in improvements, offers a tremendous upside opportunity for a new owner to resume operating it as a hotel or for a wide variety of other uses,” says chairman and CEO Steven L. Good.

The property is worth about $7 million, according to the most recent valuation by the Kane County assessor’s office.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.