Trenton's only hotel sells quickly at auction
TRENTON, N.J. (AP) - Trenton's only hotel has sold quickly at auction.
The winning bidder at Monday's auction agreed to pay $6 million for the 197-room Lafayette Yard Hotel.
Edison Broadcasting, a New York-based media company which owns several television and radio stations, beat out New Jersey-based VBCE, which owns several Dunkin Donuts restaurants and hotels in Virginia, Maryland and Pennsylvania.
The city-owned hotel and attached garage cost $60 million when it opened as the Trenton Marriott in 2002.
Marriott pulled out in July and a management company couldn't attract a new operator. The nonprofit board that oversees assets filed for Chapter 11 bankruptcy protection.
The Times of Trenton (http://bit.ly/18CdgjR ) reports the city will be responsible for paying back the portion of the $14 million in debt not covered by the sale price.
Information from: The (Trenton, N.J.) Times, http://www.nj.com/times