Developer buys Minnesota Quality Inn for no money down13 Sep, 2013
The Winona Daily News reports that a local developer has acquired a former Quality Inn for $1.1 million with no money down, according to local documents. The paper reports that it's not clear what Mike Rivers and his Rivers Hotel Co. will do with the property.
The hotel had been abandoned much of the past year after it was sold as part of foreclosure proceedings on a $2.9-million mortgage the Winona Inn Limited Partnership took out out in 2008.
The bank holding the mortgage at the time purchased the property in October 2012 for $2.1 million.Topic : Winona Quality Inn
External Source : Winina Daily News
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