Property owners R.K. and Geetaban Patel agreed this month to sell the 501 ½ Main St. for $750,000, less than the asking price but more than double its assessed value of $343,000.
Attorneys for the City last year won a court battle that declared Monterey Hotel a "blight" to urban renewal plans, opening the door for condemnation proceedings. The property owners filed an appeal that was scheduled for a hearing this month. Attorneys for both sides have delayed the hearing, and plan to drop it altogether it once the sale closes.
One of many possible buyers is Portland-based Killian Pacific. The development firm owns not only the Frontier Room, which shares a wall with the Monterey, but also the nearby six-story West Coast Bank Building.
The hotel serves as cheap housing for short-term tenants. City officials plan to work with Vancouver Housing Authority to relocate residents. The city is expected to take possession early next year.
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