Hotel Utica: New ownership or Foreclosure

by San Antonio Attorney

Hotel Utica must choose either a new buyer or a foreclosure. Negotiations between Charles N. Gaetano and a private entity are currently ongoing, according to the Observer.

William Borrill, the city’s corporation counsel, revealed that everyone is doing their duty of updating them of the current status of the company.

“We hope that there will be a resolution to this very, very quickly,” Borrill further added.

However, there has been talk that Hotel Utica is in the process of foreclosure, according to William Morehouse, a comptroller.

Morehouse has expressed interest of taking over the hotel if the company does not do anything by the second week of January.  Hotel Utica will definitely face foreclosure if no interventions were applied.

Should the city foreclose Hotel Utica, there is a huge possibility that the building will be abandoned.

The New York hotel suffered problems last year and faced foreclosure.  The hotel was saved after the Comptroller’s Office filed a Certificate of Withdrawal that removed the property from the foreclosure process.

Visions Hotels initially offered Hotel Utica to purchase the property, with a promise to transform the hotel into a flagship estate.

Unfortunately, the deal fell through after the developer went through the property and concluded it was not a feasible investment, according to Mayor Robert Palmieri.

Another potential developer from Albany negotiated with the hotel owner last October.

Palmieri stated that the developer possesses a great background in restoring old structures and revealed plans of improvising the old hotel into a mixed-use space.

Plamieri expressed that investing into Hotel Utica is a ‘major investment’ and the building is slowly deteriorating.  The investor should be ready to invest millions of dollars to operate Hotel Utica.

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