Lincoln Hotel Under New Management

The State Treasurer says the Abraham Lincoln Hotel has cost tax payers millions of dollars. Now a new plan is in place to pay back some of that money. The Abraham Lincoln Hotel is in the hands of new owners after several investors failed to repay 30 million dollars in tax money to finance the hotel. State Treasuer Alexi Giannoulias announced that the Abraham Lincoln Hotel is now being managed by a company called Hostmark. "After 25 years of mismanagement and failed promises the President Abraham Lincoln hotel will finally have a chance beginning today to live up to its name," said Giannoulias. Hotel revenue has been on the declince for several years and Giannoulias says with Hostmark in charge...the hotel's financial health will heal. "I will continue to move forward with foreclosure so the state can attempt to gain title of the property and ultimately auction off to the highest bidder to recoup the highest amount possible to tax payers." To get that money back the new managers say they need state employees to be able to stay at the hotel and that wasn't possible until it started paying money back to the state. "Right now this hotel unfortunately since it lost the franchise is not tracking in a positive direction probably as much from the ban from various state agencies if anything," said Hostmark spokesman Biff Hawkey. To boost the hotels revenue Giannoulias also says he and several state officials lifted bans prohibiting state employees from staying at the hotel.