Business & Tech
Pheasant Run Resort In St. Charles Will Close
The 293-room resort located on East Main Street in St. Charles is set to close on Feb. 29.
ST. CHARLES, IL — The once-thriving Pheasant Run Resort in St. Charles, which has been in town since the 1960s, is set to close by the end of the month. The Kane County Chronicle is reporting the 293-room resort at 4051 E. Main Street failed to sell for the minimum selling price set by its seller during a recent online auction and is now set to close on Feb. 29.
City officials have said in the past that they are concerned over what the closure of Pheasant Run Resort, which generates around $500,000 to $600,000 in tax revenue for St. Charles each year, could mean for the city's coffers, according to the Kane County Chronicle.
“There would be a big hole in the budget,” St. Charles Mayor Ray Rogina has said. “You would have to find something to close that hole.”
Find out what's happening in St. Charlesfor free with the latest updates from Patch.
In 2011, a foreclosure lawsuit was filed against the resort. At the time, attorneys for U.S. Bank and CW Captial Asset Management—which issued a $29 million loan to the longtime St. Charles resort in 2006—claimed Pheasant Run didn't make payments for several months and now owes $28.5 million in principal, interest and penalties.
Then in 2016, the airport authority filed a condemnation lawsuit to take over the entire resort, according to the Daily Herald. The lawsuit came shortly after the resort announced it would turn its golf course into housing. The DuPage Airport, at the time, had concerns over that plan since the airport abuts the golf course.
Find out what's happening in St. Charlesfor free with the latest updates from Patch.
The airport authority later agreed to take over only part of the golf course behind the resort and adjacent to the airport, according to the Kane County Chronicle.
An online auction,which ran from Feb. 10 to 12, closed with a $6 million bid, according to a Daily Herald report.
Prior to the auction, the Ten-X listing touted the the property as an opportunity for a new owner "to maximize profits through new operational strategies while planning for redevelopment," according to the listing. DoubleTree, Crowne Plaza and Wyndham are among the hotel brands that have shown interest in the property in the past.
More via the Kane County Chronicle
MORE ON PATCH
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
