Texas State Bank of Joaquin was the lone bidder on the third lien during a foreclosure sale of Hotel Fredonia Tuesday morning on the courthouse steps in
The bank’s general counsel, Paul Clark purchased the hotel for just over a half-million dollars ($508,985) of offsetting credit on the note and the account of SE Pack Hospitality.
Proceedings were stopped last month when Chapter 7 bankruptcy was filed by SE Pack Hospitality.
It’s reported there are parties interested in the hotel, but
Texas State Bank is the first lienholder, while the second lienholder is U.S. Small Business Administration.
Susan Reents closed the Hotel Fredonia in November last year.
She said between the mortgages and the federal tax liens there’s around $5 million owed.