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Court-Ordered Hotel Auction Reaps $4M

TUCSON-A Los Angeles investment group outbids 20 others for the 173-room Ramada-flagged hotel with a $4.2-million offer at a no-minimum sale that attracted buyers from Spain and South Africa. The bankruptcy court's deadline to close is May 28.

By Lee Simmons | Updated on May 20, 2004

TUCSON-A US Bankruptcy Court-ordered auction for a 173-room Ramada-flagged hotel has fetched a $4.2-million winning bid from a Los Angeles-based Taiwanese-American investment group interested in re-branding the property. Some 70 parties have toured the hotel in the last six weeks to consider attaching their name to the ailing property.

“This was an opportunity to buy at an extremely ripe price since there was no minimum,” Rod Apodaca, national director of Accelerated Marketing Group’s hospitality division in Irvine, CA, tells GlobeSt.com. “We’ve had a large number of hotel users and other endusers looking at it.”

Palo Verde Property LLC of Los Angeles beat 20 other offers for the 5251 S. Julian Drive property. The rules required bidders show up with $100,000 cashier checks for the initial down payment and ante up the earnest money to 10% by this week. The closing deadline is May 28 although several backup contracts have been signed with other bidders, Apodaca says.

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