Kronos era ends at the Crowne Plaza

A $20,000 bid at a sheriff's auction was enough to secure ownership of Cedar Rapids' largest convention hotel Tuesday.

CW Capital Asset Management submitted the only bid to acquire the hotel at 350 First Av.e NE. It wasn't quite the bargain it appears, since Portfolio Cedar Rapids, the unit of Kronos Hotels that lost the property in foreclosure, already owed the winning bidder nearly $58.4 million.

Attorney Joe Harris of Cedar Rapids, who represented CW Capital, said his client intends to continue the operation of the hotel while it attempts to find a buyer.

Several prospective buyers have toured the hotel in recent weeks, according to Crowne Plaza Five Seasons General Manager Debra Stout. She said Prism Hotels & Resorts of Dallas, which was appointed to manage the hotel during the foreclosure proceeding, will continue to operate it.

The staff will not be changing, Stout added.

"We've been here through a couple owners, and will be here through another one," Stout said.

Prism has been completing renovations and reopening hotel amenities that were closed because Kronos did not adequately fund the property's operations. The hotel pool is expected to reopen on Jan. 14 after undergoing renovations.

, already owed CW Capital nearly $58.4 million.