Wednesday, June 23, 2010

Clermont Hotel up for sale again, ho-hum

Posted By on Wed, Jun 23, 2010 at 5:18 PM

Clermont0929.JPG
  • Joeff Davis
When last we checked in on the Clermont Hotel, it was in something of a state of limbo. The historic building was in the hands of Fairway Capital, a NYC-based investment firm, as a result of foreclosure following last year's collapse of Inman Park Properties.

The hotel was condemned by the Fulton health inspectors, prompting the eviction of its remaining tenants. A renovation was begun by a controversial Atlanta hotel firm called Kronos that reportedly has had problems paying its bills. But the company had apparently neglected to secure the necessary permits, so the county shut that down as well, leaving the building dark and empty…

Which brings us up to speed. Fairway is still the owner, Kronos is out of the picture and, on Tuesday, the Clermont Hotel went back on the market. The brokerage firm is Tampa-based Franklin Street Real Estate Services, which has set July 30 as a deadline on bids.

Download PDF flyer here.

"We've already had a tremendous amount of interest in the property because it's a landmark site and because of its close proximity to the Beltline and City Hall East," explains broker Jake Reid.

Reid says most potential buyers are looking to turn the 88,500-square-foot building into apartments or a boutique hotel, most likely with a restaurant and perhaps shops on the first floor. While the beloved Clermont Lounge doesn't hold a long-term lease, it's described in the marketing materials simply as an "existing tenant."

"Most people who've grown up in or lived in Atlanta any length of time are familiar with the Clermont Hotel," notes Reid. "It has an interesting history."

In other words, you can buy it, but please don't fuck it up.

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