Declining Historic Fayetteville Hotel Sold Again
Posted December 11, 2007 6:14 p.m. EST
Updated December 12, 2007 9:20 a.m. EST
Fayetteville, N.C. — A hotel that was once the centerpiece of a bustling downtown Fayetteville has been sold again, the city clerk confirmed Tuesday.
John Chen, of Flushing, N.Y., bid $1.9 million Tuesday for the Clarion Prince Charles Hotel.
Chen said he has real estate developments but has never owned a hotel. He learned of the Prince Charles auction while doing research online, he said.
Zions First National Bank of Utah obtained the hotel at a foreclosure auction in October.
The hotel’s former owner, R.K. Properties of Rockville, Md., owed the bank about $2.5 million. R.K. Properties stopped making mortgage payments last fall and filed for bankruptcy in April.
At one point, the hotel was on the market for $4.5 million.
Built in 1926, the Prince Charles was a fashionable landmark with a poetic quality, artfully designed columns, rooftop lamp posts and a stone façade around the front door.
But the quality has declined since the 1970s with an exterior that shows signs of neglect.
Travel reviews online confirm it is in bad disrepair in need of an estimated minimum of $1 million of repairs.