NORCROSS, GA-New Jersey Hotel Group is the new owner of the Country Inn & Suites here, also known as the Country Inn Norcross. The property was sitting in the REO Division of Salt Lake City-based Zions Bank and sold for $1.3 million.
The limited service hotel was purchased using $817,000 of financing from First Mortgage Bank. The deal was brokered by Ken Ollipra of Greene, Canfield, De George. Zions wanted to divest itself of the property in a quick manager.
Operating a hotel has been a running concern during the downturn for banks which take them over, compounding the problem of a hotel which finds itself in REO to begin with, losing value.
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