CHICAGO — A majority of St. Louis convention center hotel bondholders who took ownership of the properties four years ago struck a deal to sell the larger of the complex's two hotels for $26 million, though it hinges on the buyer striking new agreements with the hotel operator, city, and state.

Holders of $98 million of bonds took ownership of the hotel complex in downtown St. Louis in 2009 after foreclosure proceedings following the obligated group's default in 2008. Trustee UMB Bank NA hired Jones Lang LaSalle Americas Inc. and pursued a sale of the smaller of the two hotels but in 2010 pulled back because of poor real estate values.

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