IDAHO FALLS, Idaho -

It's gone by many names and now Local News 8 has learned the Hotel on the Falls has been placed into receivership following a series of financial problems.

The nearby Westbank Restaurant, which had previously been leased by the hotel, closed Wednesday. It came as a complete surprise to patrons.

"I express my apologies to them. I'm sorry for any inconvenience,” said Dane Watkins of Watkins Company, which owns the now-vacant property.

Watkins said his company is actively looking for a new tenant to lease the space.

"We got a lot of people that are interested. I've got people coming up from Salt Lake Monday,” said Watkins.

Watkins said the plan is for the restaurant to reopen under new management.

"I think it will be a great opportunity for us to do some upgrades, to do some remodeling that we want to do with the new tenant. We think it'll be an opportunity for us to make it bigger and better,” said Watkins.

The former Westbank Hotel remains open under the control of a court-appointed receiver.