There are many hotel properties available that are in need of private financing and/or acquisition. These properties can provide excellent double digit IRR's to investors.
If you'd like to know more contact me at frank@globalhotellaw.com
Yorktowne Hotel listed in properties for sheriff's sale
CHRISTINA KAUFFMAN The York Dispatch
Updated: 01/06/2011 01:34:30 PM EST
The Yorktowne Hotel is listed among hundreds of Sheriff's Sales published in newspapers Thursday, but hotel manager Rick Cunningham said recently that the owners were working with PNC Bank and "everything is positive."
He said he believes there will be a resolution before the hotel is sold, and that's what he has conveyed to customers.
"I'm confident it will all work out," he said. "The community has been very very supportive."
Business has been growing as people rally around the hotel, selecting the hotel for overnight guests, eating and rental of meeting facilities, he said.
"We've definitely seen an increase in people coming to the restaurants and different things," he said.
The hotel has continued to operate as usual since PNC Bank filed papers in late October, saying the owners defaulted on a $4.5 million loan and owe more than $20,000 in late fees.
Hotel owners, through a consultant, said they were considering several means to avoid a York County Sheriff's sale of the historic building on Feb. 7.
York Hotel Group was surprised when the bank filed the papers, said Frank Fusco, consultant for the York Hotel Group owners Prashant Patel and Kaushik Talati of Maryland and Anil R. Patel of New Jersey.
READ THE REST OF THE STORY HERE:
http://www.yorkdispatch.com/ci_17024813?source=most_viewed
No comments:
Post a Comment