Marriott auction ends with highest bid lower than what lenders wanted

Marriott auction ends with highest bid lower than what lenders wanted

BATON ROUGE, LA (WAFB) - The auction for the high-rise Marriott off I-10 and College Drive closed Wednesday, but it may not be a done deal.

According to the

Baton Rouge Business Report

, the highest bid was $21.4 million and the lenders were hoping for a higher price.

The highest bid didn't meet the reserve or minimum price being sought, so it's not clear if it will be accepted or if the lenders will negotiate with the high-bidder.

The property could even end up back on the market.

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