Craig McEwen, Published February 21 2009
Moorhead AmericInn auctioned off for $3.25 million
Six people appeared at the auction that lasted only five minutes at the Clay County Sheriff’s Office in Moorhead. North American Bank was the only entity that bid for the 168-room property at 600 30th Ave. S.
The public foreclosure auction was held to settle a $3.47 million bank loan judgement against owners Paul and Cathy Cronen.
The Cronens did not appear at Friday’s auction. They said in January that they were trying to find investors to help refinance the business within the allotted six months following Friday’s sale.
“Nothing has really changed,” Paul Cronen said Friday.
Bank President Brian Borgerding said the hotel will remain open.
“We will continue. We’re not sure when we will be listing it for sale at this point,” he said.
The Cronens purchased the former Days Inn and Conference Center in December 2002. They reopened it in 2003 after a $2.5 million renovation.
Readers can reach Forum Business Editor Craig McEwen at (701) 241-5502