City officials and supporters of historic preservation should keep a close eye on the financial struggles facing the historical Eldridge Hotel.

It was reported last week that a Baldwin bank has begun foreclosure proceedings on the hotel after its owners missed a $1.3 million loan payment. Documents filed in Douglas County District Court show the Eldridge owners also owe $160,000 in federal taxes and $300,000 in state and county taxes. The total comes dangerously close to the $1.8 million appraised value of the hotel, and it’s hard to see how the owners will find their way out of such a deep financial hole.

Rob Phillips, majority owner of the hotel, said last week he had received offers to buy the hotel, but they came from people who wanted to turn it into an apartment house. Although Phillips said he opposed that plan, he might seem to have little choice but to consider all options.

It would be a shame if the hotel were allowed to fall into disrepair. Many other communities have had the experience of watching a local landmark decline and then having to invest thousands or millions of dollars to try to bring it back to life.

What the city should do to help the Eldridge and its owners isn’t clear; it already has provided significant support for the hotel and perhaps shouldn’t consider throwing good money after bad. But, recognizing the public’s interest in preserving this piece of local history, city officials should actively monitor the situation and the options being considered for the Eldridge’s future.