“Holiday Inn could be in sheriff sale - Fort Wayne Journal Gazette” plus 1 more

Holiday Inn could be in sheriff sale - Fort Wayne Journal Gazette

Posted: 16 Aug 2009 04:55 PM PDT

The former downtown Holiday Inn could be sold during a sheriff's sale next month.

Now called the Fort Wayne Hotel and Conference Center, the 208-room property at 300 E. Washington Blvd. is in foreclosure. Fort Wayne Hospitality LLC, the firm that bought the hotel in 2007, faces a nearly $3.7 million judgment.

The building is scheduled to go up for auction at a sheriff's sale Sept. 17.

Bricton Group Inc., the property's receiver, reported the hotel lost $21,056 during the first half of this year, according to a report filed in Allen Superior Court.

The hotel's previous owner, Lodgian Inc., sold the property and a West Virginia hotel in separate transactions worth $5.6 million in July 2007.

General Motors Co. will pursue more global alliances with other companies, according to a memo sent to employees.

The company has set up a corporate planning and alliances group headed by Group Vice President John Smith.

"Alliances are an important market access strategy for General Motors already, and more activity of this type can be anticipated, which makes for a good fit," said the memo, posted by the automotive Web site jalopnik.com.

GM spokeswoman Geri Lama on Monday confirmed that the memo is authentic.

GM already has alliances worldwide including those with Chrysler Group LLC and BMW AG to build hybrid gas-electric engines for larger vehicles. Alliances generally spread out research and development costs, making new technology cheaper.

The Federal Reserve said Monday most banks expect their lending to remain tight through the second half of next year, with the exception of mortgage standards, which already are loosening.

The Fed's latest survey of loan officers found that about 20 percent of U.S. banks tightened their lending standards on prime home mortgages in the April-June quarter, down from around 50 percent in the previous quarter and a peak of about 75 percent a year ago.

Meanwhile, 45 percent of banks say they tightened standards on nontraditional mortgages, such as adjustable-rate loans with multiple payment options.

Northern Indiana's embattled recreational vehicle industry is getting some good news.

Keystone RV announced Monday it will hire about 200 employees for a 140,000-square-foot facility it is acquiring in Goshen.

Spokesman Jim Mac says demand for RVs is up from January and February.

The building previously was owned by Dutchmen Manufacturing, another RV maker. Dutchmen laid off 100 workers in February.

BFGoodrich Tire Manufacturing, a division of Michelin North America Inc., and the United Steelworkers have reached a tentative agreement that covers about 2,500 union-represented workers at plants in Fort Wayne and Tuscaloosa, Ala.

Details of the agreement – reached Saturday – are not being released pending union ratification, the company said.