ST. CHARLES – Pheasant Run Resort is set to take its last reservations on Feb. 29 after a failed attempt to auction off the iconic resort.
The resort is set to close its doors March 1.
An online auction to sell the financially struggling resort took place Feb. 10-12. The final bid to purchase the resort was $6 million, which did not meet the minimum selling price established by the seller. The auction did not include the sale of Pheasant Run Mega Center or the 18-hole golf course.
Colliers International real estate services and investment management company previously had listed Pheasant Run as being for sale on its website. During the recession in 2011, the 293-room resort at 4051 E. Main St. went into foreclosure. A hotel investors group in 2014 bought Pheasant Run, which since then has been managed by Schaumburg-based Hostmark Hospitality Group.
Pheasant Run Resort generates between $500,000 and $600,000 in tax revenue for the city, St. Charles City Administrator Mark Koenen previously had said. City officials are concerned about the loss of revenue if Pheasant Run closed.
“There would be a big hole in the budget,” St. Charles Mayor Ray Rogina had said. “You would have to find something to close that hole.”
Rogina had said the city wants to work with the resort’s owner or “any developer that comes in there to retool or restructure the property.”
He noted that across the street from Pheasant Run, Fox Valley Volkswagen in recent years moved to the site of the former DuPage Expo Center. “It was a very nice conversion,” Rogina said.