Because it was an all-stock transaction, Gregory Gennace, president of Reed,declined to tell GlobeSt.com the price of the Mountain Top acquisition. Norwould he put a price on any of the properties, saying, "what we pay is notwhat they are worth."
With the exception of two "crown jewels," Gennace said the overwhelmingmajority of the properties are unencumbered vacant land parcels, "primarilyin Berks County, with one or two in Lancaster County." The exceptions are an11-acre industrial parcel in Berks County that is involved in a lawsuit and the44-room Penn-Werner Hotel in Wernersville.
At present, the value of the hotel is "under $1 million," Gennace said. Reedplans to restore it. Specifically, Gennace said Reed hopes to expand thehotel's 50-seat, ground-floor restaurant by adding 25 seats on an adjacentporch and "find a chef to reclaim its earlier reputation for great steak and primeribs." In addition, Reed will convert two first-floor spaces that arecurrently residential apartments into its own corporate headquarters.
Asked what the restoration would cost, Gennace declined to provide anestimate. "We have some figures, but bids are still out," he said.
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