By Tiffany Morgan, The Dominion Post
MORGANTOWN — Morgantown’s Ramada Inn — a family-owned business since 1974 — will be auctioned on June 5.
The hotel on Scott Avenue has been closed since June 30, 2017.
U.S. Bankruptcy Court of the Northern District of West Virginia has approved the auction, D&M Investments Inc. operated the Ramada Inn until it closed.
D&M and MNM Holdings, a company also involved with the hotel operations, filed for bank-ruptcy this year. The two entities are owned by the same people — former U.S. Rep. Alan B. Mollohan, Kathryn Nelson and Robert H. Mollohan.
Included in the auction is everything that goes along with the hotel, from the 149 service rooms, to each piece of furniture inside. The building is 140,000 square feet, and sits on 9.9 acres.
Anyone wishing to participate must become a Qualified Bidder by submitting an offer before 5 p.m. on June 1.
The current bid of $1,725,000 in cash, known as “The Stalking Horse Bid,” will stand until further bids come in closer to the auction date.
According to Fred Cross, managing director at Equity Partners HG, the bid will stand until June 1, unless another business or company makes an offer that is $200,000 over the initial bid.
If no other offer is made by June 1, the bid will stand. The auction on June 5 will only take place if there are more bidders making substantial offers before June 1.
Cross said for the auction, it is important that they are recognizing “every walk of life possible” that might be interested in bidding on the property, but they do have a concentrated center of marketing, which includes other hotels, real estate investors, senior housing and drug rehabilitations.
Cross said the establishment would be a great place for many businesses such as another hotel, or even a senior center, because of the well-traveled area and versatile property.
“It needs revitalization, there’s no question about it,” Cross said. “The property itself is incredibly flexible, and, people thinking outside of the box, I believe, could lead to a positive outcome to the property and a positive result to the community going forward.”
Cross added that the property has potential, especially because it is so near the I-68/I-79 interchange..
“That intersection is the most traveled intersection in Morgantown,” Cross said. “I think it’s got incredible views that should be taken advantage of, and I believe that location is the best location in Morgantown to have a hotel.”
