Well-known Realtor also owns the Holbrooke

On the landmark Holbrooke Hotel in Grass Valley closing, the owners of the partnership also included a prominent local real-estate agent, Cheryl Rellstab, and longtimer Michael Nudelman, among others.

Rellstab et al. first listed the hotel for $4.4 million in October, according to Craigslist and Loopnet.com, and she was the listing agent. At first the group was reluctant to confirm the sale, despite the Internet listings.

It would be worthwhile to dig a little deeper into the financing and leveraging of the deal. Did any leveraging exacerbate the closing?

The National Hotel in Nevada City has been up for sale for years, and it also impacted by the deepening recession. But unlike the Holbrooke,  it is in no danger of closing.

Author: jeffpelline

Jeff Pelline is a veteran editor and award-winning journalist - in print and online. He is publisher of Sierra FoodWineArt magazine and its website SierraCulture.com. Jeff covered business and technology for The San Francisco Chronicle for years, was a founding editor and Editor of CNET News, and was Editor of The Union, a 145-year-old newspaper in Grass Valley. Jeff has a bachelor's degree from UC Berkeley and a master's from Northwestern University. His hobbies include sailing and trout fishing.

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