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.