|By Christina Kauffman, The York Dispatch,
Pa.McClatchy-Tribune Regional News
Dec. 13, 2011--Operations will continue as normal at the Yorktowne Hotel after the hotel was sold Monday at a York County Sheriff's sale, hotel manager Rick Cunningham said.
The loan holder -- a limited liability company -- bought the historic property for $2,719.57 in costs. The full price, however, includes the $4.33 million loan obligation the former owners failed to meet.
Cunningham said he has been told the holding company wants the property to operate as a hotel, and he expects it will continue to serve guests as it always has.
He said it is too early to tell whether there will be any change associated with staff or procedure.
Attorney Michael Nord, who said he represents loan holder VIII-Hotel IIP Loan Portfolio-Yorktowne LLC, placed the bid. He deferred comment about the future of the hotel to a man named Peter Nguyen, who did not immediately return a call for comment.
During proceedings at the York County Judicial Center, Sheriff Richard Keuerleber entertained bids from other buyers. Those bids would have started at the upset price of more than $4.2 million, but there were none.
As late as Friday, Cunningham said he expected defaulting owner York Hotel Group to stave off the sale.
York Hotel Group owners Prashant Patel and Kaushik Talati of Maryland and Anil R. Patel of New Jersey have not returned calls for comment.
The hotel has been on and off the sale list since last year as York Hotel Group made payment arrangements with PNC Bank. But the debt was recently transferred to the LLC, which listed the default amount as $4.33 million.
Hotel operations appeared to continue as normal after the sale Monday.
One of York's tallest buildings, the landmark building at 48 E. Market St. is listed on the National Register of Historic Places.
County records show York Hotel Group paid $5.25 million to buy the building, which is assessed at $1.97 million, from Susquehanna Pfaltzgraff Services in March 2007.
- Reach Christina Kauffman at 505-5436, email@example.com, or follow her on Twitter at @YDYorkCounty.
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