Trenton’s Only Hotel Sells Quickly at Auction
NEW JERSEY 101.5
Trenton's only hotel has sold quickly at auction.
The winning bidder at Monday's auction agreed to pay $6 million for the 197-room Lafayette Yard Hotel.
Edison Broadcasting, a New York-based media company which owns several television and radio stations, beat out New Jersey-based VBCE, which owns several Dunkin Donuts restaurants and hotels in Virginia, Maryland and Pennsylvania.
The city-owned hotel and attached garage cost $60 million when it opened as the Trenton Marriott in 2002.
Marriott pulled out in July and a management company couldn't attract a new operator. The nonprofit board that oversees assets filed for Chapter 11 bankruptcy protection.
The Times of Trenton reports the city will be responsible for paying back the portion of the $14 million in debt not covered by the sale price.
(Copyright 2013 by The Associated Press. All Rights Reserved.)