CHICAGO - Investors who hold $98 million of St. Louis convention center hotel bonds took ownership of the hotel complex yesterday following foreclosure proceedings launched last month by bondholders after the obligated group defaulted on its December debt service payment.

As part of the foreclosure proceedings, an auction was held yesterday at the St. Louis Civil Courts building during which bond trustee UMB Bank NA was the sole participant, bidding the full principal amount of $98 million outstanding on the 2002 bonds.

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