Hotel Online 
News for the Hospitality Executive

advertisement 
 

Land sale to trigger new hotel construction (Northeast Mississippi Daily Journal, Tupelo)

By Errol Castens, Northeast Mississippi Daily Journal, TupeloMcClatchy-Tribune Regional News

June 07--OXFORD --The Board of Aldermen voted Tuesday to declare surplus a long-unused portion of 4th Street, to accept two appraisals on the sliver of land and to sell the land to a developer for $39,200.

Once the transaction is final, work is expected to commence quickly on a new hotel on the site on the north side of Jackson Avenue, next to the bike path that follows the old railroad right-of-way.

Tupelo hotelier Bruce Patel had previously received approval for his plans to build a 121-room Marriott Courtyard, contingent on acquiring the 4th Street land. The hotel, when completed, is expected to provide about 50 jobs.

Alderman-at-Large John Morgan voted against the direct sale to Patel, arguing instead for a sealed bid process.

"I have a little bit of a problem selling something at such a low price when they bought the other land at such a high price, and that was at a bank sale," he said.

Ward 3 Alderman Janice Antonow argued that a sealed bid would risk putting the hotel project --first planned by another developer years ago --on hold again.

"If you're looking at the benefit to the city and you've got a project sitting in front of you, that's what we're supposed to do," she said.

City Attorney Pope Mallette said the state law that allows such a non-competitive, appraisal-based sale, assumes a lower price for a higher public good.

"Usually when property comes up for sale by the city, it's usually because someone else asked to buy it" for a specific project, he said.

Antonow sought reconfirmation that the hotel project is virtually shovel-ready. She asked Matthew Moore, Patel's attorney, "Matt, you're ready to move forward on this?"

"Yes, ma'am," he assured. "We are."

errol.castens@journalinc.com

___

(c)2013 the Northeast Mississippi Daily Journal (Tupelo, Miss.)

Visit the Northeast Mississippi Daily Journal (Tupelo, Miss.) at www.nems360.com

Distributed by MCT Information Services



To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch
Home | Welcome| Hospitality News | Classifieds| One-on-One |
Viewpoint Forum | Industry Resources | Press Releases
Please contact Hotel.Onlinewith your comments and suggestions. 
 

Back to June 7, 2013 | Back to Hospitality News | Back to Home Page