ST. LOUIS — A downtown St. Louis hotel that was put into receivership earlier this year after its lender filed suit will go up for auction next month.
Hotel Indigo, an 88-room boutique hotel at 501 Olive St. that opened in December 2019, will be auctioned Dec. 11-13 on TenX, according to a listing.
The starting bid has been set at $2.3 million for the "chic, eclectic" hotel, it said. The 35,750-square-foot, 12-story building sits on a 0.13-acre lot, according to the listing.
The hotel is owned by an entity connected to AAD Capital Partners of Smyrna, Georgia, and its founder Edward Chen, city and court records show. Hotel developer ViaNova Development of Chattanooga, Tennessee, led the redevelopment of the modern Art Deco-style hotel from the LaSalle Building, in a project that used at least $11 million in tax abatement and historic tax credits. Lender Saint Louis Bank earlier this year requested that the hotel be placed into receivership after the hotel owner defaulted on a forbearance agreement, with $10.4 million due.
Since March, St. Louis-based Midas Hospitality has acted as receiver, operating the property for a monthly fee of about $10,000.
Correction/Clarification
An earlier version of this story misidentified the owner of the Hotel Indigo. The hotel was owned by AAD Capital Partners.
