"There were a lot of people writing offers so we went under contract really quickly," Adrienne Herman, with CB Richard Ellis' Team Lustig-Bower tells GlobeSt.com. Herman said the competition for the property was particularly intense because the asking price was based only on the land value and not the added cost of the hotel.
The new owner, an entity of Doug Maupin Development, a local condo developer, plans to demolish the structure and replace it with a condominium complex. Plans for the complex are still on the drawing board, Herman said, noting that it will take at least a year for the developer to get all the approvals needed to begin construction. Herman and Mike McKinney, also with CB Richard Ellis, Inc., represented both parties in the sales transaction.
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