THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Monday, January 6, 1997 TAG: 9701040168
SECTION: BUSINESS WEEKLY PAGE: 14 EDITION: FINAL
SOURCE: ASSOCIATED PRESS
DATELINE: RICHMOND LENGTH: 27 lines
The Hotel John Marshall is still on the market after negotiations to sell the 443-room hotel fell through.
A national sealed-bid auction in the fall drew about 16 bidders, said Ralph D. Spencer, executive vice president of Harrison & Bates Inc., a real estate firm.
``A specific bidder was selected, and the sale broke down during the negotiations,'' he said.
The company now plans to contact other bidders who expressed interest in the hotel to see if they're interested in submitting proposals.
``I think there are some good prospects,'' said Spencer. ``We will re-evaluate in the early spring if we are not successful to that point.''
The minimum suggested bid for the John Marshall Hotel was $2.75 million. The asking price when the hotel was operating was $9.5 million; since it closed, the price has been $6.5 million.
Basic Construction Co. of Newport News owns the hotel, which also has retail and restaurant space, and a separate, 130-car parking deck.
The hotel, which opened in 1929, closed in 1988.