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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.

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