From Chicago Real Estate Daily
Foreclosure Suit Hits Chicago Area's Pheasant Run Resort
The owners of Pheasant Run Resort in St. Charles, IL, are fighting to keep their family business of nearly 50 years after getting hit with a $28.5-million foreclosure suit. Pheasant Run, which has 473 rooms, has been hit hard by the hotel downturn. Revenue fell to $18.7 million in 2010, down 32% from 2007, and the hotel operated at a $515,000 deficit last year even before interest payments and capital expenditures, according to a loan report from Bloomberg L.P. The resort was appraised in June at just $16.8 million, well below the amount owed on the property. Click here for the full story.