URBANA, Ill. (WAND) – The Landmark Hotel’s owner has officially opened bidding to potential project developers.
The News-Gazette reports Xiao Jin Yuan has lowered expectations in a second auction attempt. His reserve price couldn’t be met during December bidding, even though bids soared past a $1.2 million minimum to $3.95 million.
Firm Avison Young in Chicago is representing Yuan. They say there is “a lot of interest” in the hotel, located at 210 S. Race St. in Urbana, with broker Rick George adding he believes as many as eight groups could enter bids. He says experienced bidders likely won’t get involved until the end of the auction on Thursday.
The newspaper says this auction carries a minimum bid of $600,000 and a reserve price that hasn’t been made public. It’s happening online here.
George told the newspaper a potential sale would involve a deposit from the winner, followed by finalization in the 30 days after that time.
Mayor Diane Marlin denied a plan to redevelop the Landmark Hotel in 2017, The News-Gazette says, because a New Jersey firm’s $24.5 million plan carried a high cost to Urbana and carried a risk for taxpayers. She says she’s met with “at least a dozen” developers in this second attempt and told them about “the need for a high-quality, active project at that site”.
Yuan first bought the hotel in 2010 for a $600,000 price. It went on sale in 2015 and eventually closed in April 2016. He originally asked for $5.4 million.
In 1923, the building first opened. It was called the Urbana-Lincoln Hotel at that time, the paper reports.
