The Trenton Times published the following article on October 18, 2013. To read the full article, click here.

Trenton council advised to get appraisal for Lafayette Yard Hotel

By Jenna Pizzi/The Times of Trenton 
on October 18, 2013 at 6:40 AM, updated October 18, 2013 at 6:43 AM

TRENTON — The city council was advised last night to get an appraisal for the ailing Lafayette Yard Hotel before it goes any further with the bankruptcy process and sale of the 197-room hotel, in order to be better informed about what the hotel is worth.

That recommendation came from an attorney who represents the board that oversees the hotel, but it was opposed by city Business Administrator Sam Hutchinson, who said there may not be enough time for an appraisal and that an appraiser would have to discount the hotel because of its financial condition.

“As an attorney, I subscribe to a different philosophy,” Hutchinson said. “Five weeks out to the sale, an appraisal — the bidders, they themselves, can appraise the property.”

The Lafayette board attorney, Gregory Johnson, told city council last night having an appraisal in hand would help them to determine whether the bids they receive on the hotel are good or bad.