The Trenton Times published the following article on January 2, 2014. To read the full article, click here.
Trenton will net $3.5 million in sale of former Marriott hotel leaving city with $11M debt
By Jenna Pizzi/The Times of Trenton
on January 02, 2014 at 9:17 PM, updated January 02, 2014 at 9:18 PMTRENTON — Next week, the city of Trenton will have more than $3.5 million in its pocket to pay back a portion of the long-term debt that it incurred to build the former Trenton Marriott more than a decade ago.
The public board of mayoral appointees that ran the 197-room hotel since it opened in 2002 was effectively disbanded tonight. The Lafayette Yard Community Development Corp. met for the final time to resolve outstanding issues from the hotel’s September Chapter 11 bankruptcy filing and sale to Edison Holdings in November for $6 million.
As one of their last acts, the Lafayette Yard board appointed Chairwoman Joyce Kersey as an independent trustee to act with the delegated power of the full board to pay any final bills and dissolve the panel in the next two months.