The Sioux City Hotel is now owned by First Illinois Bank and Trust after it was sold Tuesday morning.
They purchased it for $2.5 million after a sheriff's sale.
Officials say First Illinois Bank was the only bidder and plans to sell the hotel.
The city of Sioux City said they may be interested in helping with renovations depending on the proposal by potential buyers.
Demolition is in full swing on the South Sioux City, Nebraska, grain elevator damaged in an explosion, last month.
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