BILLINGS, MT— Lenders have filed for foreclosure on the Sheraton Billings Hotel and the Holiday Inn Parkside in Missoula, owned by Larken, Inc. of Iowa and Nationwide Hospitality Limited Partnership of Delaware, respectively, according to a local report. The hotels are now being managed by Sage Hospitality Resources of Denver. The lenders, LaSalle Bank National Association and Nomura Asset Securities Corp., filed foreclosure papers after the owners failed to make payments on a $24 million mortgage for four months. The foreclosure papers also say that the owners failed to make improvements to the hotels that resulted in strained franchise relations with their respective brands, according to the report. The hotels will continue to operate under receivership, and foreclosure is set for July 15, according to the report.
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