Fayetteville, N.C., hotel on auction block with $200K starting bid

The Prince Charles Hotel in Fayetteville, N.C., is going up for auction with a December 15 end date. The opening bid for the hotel is reportedly $200,000. The landmark hotel was deemed unsafe by the city in the fall of 2010, and since then it's fallen into major disrepair, reports say.

"We are hoping for a purchaser who wants to do something exciting and good for Fayetteville with the Prince Charles Hotel. I think there's a lot of potential for that," said lawyer Rob Fields, who represents owner John Chen. "Although there have been efforts for a private sale, none are in the works, and "we fully expect it to go, to be sold through an auction at this point."

As the Fay Observer reports, a group of investors, including former Mayor Tony Chavonne, attempted to buy the hotel this year. Their deal fell through after the legislature in the summer decided not to extend a tax credit program for historic properties. Chavonne has said their business model to renovate the troubled building would not work without the tax credits. The building is subject to historic property standards on construction materials and appearance, and these can be costly to follow.

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The sale is being conducted by Williams & Williams, an online auction company. The listing can be found here.

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