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LANDMARK HOTEL AND CONFERENCE CENTER IN MORGANTOWN TO BE SOLD AT AUCTION ON JUNE 5, 2018

May 15, 2018

picture for blog

FOR IMMEDIATE RELEASE

CONTACT: Fred Cross

866-969-1115×2

FCross@EquityPartnersHG.com

 

May 3, 2018 – Morgantown, WV – By authority of the U.S. Bankruptcy Court of the Northern District of West Virginia, Equity Partners HG has been retained to conduct an auction for the Ramada Morgantown Hotel and Conference Center (“The Hotel”). The Hotel is located at the intersection on I-79 and I-68 on a knoll with beautiful 360-degree views.  The property currently consists of a single tract, totaling 9.9 acres, but could be subdivided to create additional development opportunities.  The West Virginia University campus and stadium are less than 4 miles from The Hotel.  The Hotel has long been a landmark in the Morgantown community.  Mountaineer fans everywhere can recall many memories made at the Hotel which was always jam-packed during every WVU football and basketball game.  Over four decades, the Hotel has hosted parties, conventions, association and club banquets, New Year’s Eve bashes, not to mention hundreds of weddings and dinners.   Nothing is constant but change.  The Hotel and surrounding property is ready to be put to a higher and better use for the Morgantown community.

The Ramada Hotel and Conference Center has been family owned and operated since it was built in 1974. The Hotel features 149 full service rooms, a large tavern and restaurant and 11 conference room/ballroom spaces for weddings and other events.   Morgantown is a hotbed of growth, with one of the lowest unemployment rates in the nation for the past 5 years. It is the fastest growing city in West Virginia, and were it located in Pennsylvania, just a few miles to the north, it would be the fastest growing city in Pennsylvania. Morgantown’s growth is expected to continue and likely accelerate. This site is located just outside the Morgantown city limits and is free of development entitlements, while still benefiting from public infrastructure: Water, electric, gas, sewage, and public transportation.  Nearby outdoor attractions include Cheat Lake and River, Lakeview Golf Resort & Spa, Ohiopyle State Park, and Coopers Rock State Forest.

The auction is scheduled for June 5, 2018. Anyone wishing to participate must become a Qualified Bidder by submitting an offer prior to 5:00 pm eastern on June 1, 2018.  The Hotel has accepted an initial offer (“The Stalking Horse Bid”), subject to higher and better offers, and subject to the removal of all contingencies by May 30, 2018.  The Stalking Horse Bid contemplates purchasing substantially all of the assets for $1,725,000 in cash.  The Hotel owners intend to complete this proposed transaction, or, if other Qualified Bids are received by the June 1 deadline, sell substantially all of the assets of The Hotel, by auction in bulk on June 5, 2018.  Provided the Stalking Horse bidder has removed all contingencies by May 30, 2018, bidders must exceed that bid by at least $200,000 in order to qualify.  All bids must be free of any financing or other contingency.   A 10% deposit is required to bid, and must be submitted by wire transfer, prior to the Bid Deadline.  A Bankruptcy Sale Approval Hearing is currently scheduled for June 6, 2018.  Closing is to take place no later than 35 days following Court approval.

Fred Cross, a Managing Director at Equity Partners HG, says that “This is an excellent opportunity to acquire a hotel strategically located on major throughways within a vibrant economic region of the state. The property is also prime for mixed-use development including senior living, apartments, condominiums, or a medical center.  Minimal improvements can make this an income producing property again.”

Equity Partners HG, based in Easton, MD, provides investment banking services and has completed in excess of 500 engagements throughout the United States since 1988. Attorney Salene Mazur Kraemer of Mazur Kraemer Business Law is serving as bankruptcy counsel for the debtor.

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