Future of Urbana’s Historic Lincoln Hotel Still Up in the Air
An Urbana city official says the owner of the Historic Lincoln Hotel and the bank that foreclosed on the property are still in negotiations.
Economic Development Manager Tom Carrino says Marine Bank and Global Hotel Management are still talking, with hopes of transferring the bank's ownership back to the company.
Carrino says he spoke with both sides on Friday, a day after a company subsidiary that owned the hotel filed for Chapter Seven bankruptcy. The filing automatically canceled a sheriff's foreclosure sale that had been scheduled for Friday.
The Historic Lincoln Hotel closed last month, after Marine Bank foreclosed on the property. Despite that, Global Hotel Management announced plans to renovate the building and open it with a new operator next year. The hotel in downtown Urbana was designed by local architect Joseph Royer and first opened in the 1920s.