Search
 

Clermont Hotel Heading to Auction?

ATLANTA-A local effort is under way to prevent the property from facing foreclosure.

By Carl Cronan | Updated on June 24, 2009

ATLANTA-A grassroots effort is under way locally to save the Clermont Motor Hotel, known more for its entertainment value than historic status, from foreclosure. The 129-key structure, which occupies just over an acre along Ponce de Leon Avenue, is currently scheduled for a July 7 auction at the Fulton County Courthouse.

Locally based Inman Park Properties, which bought the 85-year-old hotel in 2003 and is now in default on its loan with New York City-based Fairway Capital, has had the Clermont on the market for the past few months at $6.5 million. Both sides are reportedly negotiating an agreement that will remove the property from the foreclosure rolls.

“The owner and lender are working together to try to take it off the auction,” Gene Kansas, an Atlanta broker and developer currently marketing the property, tells GlobeSt.com. “Certainly it’s in the owner’s best interest.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.