The Trenton Times published the following article on November 25, 2013. To read the full article, click here.
Sold for $6M: Trenton’s bankrupt Lafayette Yard hotel auction ends quickly
By Jenna Pizzi/The Times of Trenton
on November 25, 2013 at 1:21 PM, updated November 25, 2013 at 5:46 PMTRENTON – The city-owned Lafayette Yard Hotel was sold for $6 million at auction this morning to Edison Broadcasting, a New York-based media company which owns several television and radio stations.
Bidding for the 197-room hotel near the Statehouse began at $5.5 million with two qualified bidders, Edison Broadcasting, and VBCE, a New Jersey-based company which owns several Dunkin Donuts restaurants and hotels in Virginia, Maryland and Pennsylvania.
VBCE bid $5.6 million, but declined to go above $6 million to beat out Edison.
The winning bid by Edison is being considered by the Lafayette Yard Community Development Corp. and will be finalized pending their approval.
The bid is scheduled to be presented to the bankruptcy court at a hearing Tuesday.