Owner Recovers Substantially More Than Recent Purchase Price for Hotel in Disrepair

A city condemned an oceanfront hotel that was recently purchased for renovation. It planned to use the property as part of a private convention center/hotel development, a questionable public purpose. The case settled prior to the hearing on the city’s right to take the property for $8,700,000 following an initial offer of approximately $5,000,000.

Initial offer: $5,000,000 / Final Compensation:   $8,700,000

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