The hotel was once a tourist magnet. Last month, a dispute during a large party escalated into a deadly shooting.
Bloomingdale officials said the owners have turned over the business license needed to operate the hotel, the Daily Herald reported.
The Daily Herald reports the owners put the site up for sale, with a listing price of $6.5 million.
The hotel's business license was suspended in early February after one person was killed and six others wounded when gunfire broke out at a party in the western suburb.
Police said there was no security at the hotel at the time of the shooting, just the one employee who heard the gunshots and called 911.
Police also said this is not the first time they have been called out to the Indian Lakes Hotel, and slapped it with a violation.
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Bloomingdale Mayor Franco Coladipietro said he and the Village Board had shared their concerns over a lack of consistent security at the hotel for the last several years.