Texas State Bank continues to hold the note on Hotel Fredonia in Nacogdoches after no bids were received at the foreclosure sale yesterday.

Texas State Bank entered a bid of $1,670,000 as potential buyers are said to be concerned over the debts and renovation costs for the property.

The bank holds the first and third liens and owns the hotel furniture.

The Hotel Fredonia was closed a year ago by previous owner Susan Pack Reents.

There’s more than $2 million owed on the first lien with interest building up at over $800 ad day. The taxes for 2014 are almost $38,000.

It’s not the first time the almost 60-year old facility has been shut down. It was closed for four years in the 1980s.