We reported a few weeks back that the Executive Inn was sold to a new owner. The latest report shows however, that the new owners of the hotel acquired the Executive Inn through deed in lieu of foreclosure instead of a sale.

Exec Inn wasn't sold to new owner

The new owners of the Executive Inn acquired the Downtown hotel through a deed in lieu of a foreclosure, rather than a sale.

A little more than a week ago, Mutual Hospitality Management announced that it taken possession of the Executive Inn from the former owner, Tejany Hospitality Inc. Mutual Hospitality Management is a subsidiary of Mutual Bank of Harvey, Ill., which had given Tejany Hospitality the financing needed to buy the Downtown hospital.

Since then, the Executive Inn has fallen behind on a number of tax payments and lost its license to serve liquor. Representatives of Mutual Bank came to Evansville on Friday to meet with the mayor, a county commissioner and representatives of the Convention and Visitors Bureau, according to Gary Jossa, a local spokesman for Mutual Hospitality Management.

In those meetings, the company promised to make improvements to the hotel as well as pay off the overdue taxes, Jossa said.

A representative of Mutual Hospitality Management will likely return to Evansville next week, he said.

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Source: http://www.courierpress.com/news/2009/feb/03/02web-ExecInn/