Sunday, May 4, 2014
VUE Hotel and riverfront property for sale by company that bought property in bankruptcy
Source: The Republic
NATCHEZ, Mississippi — A hotel on the Mississippi River bluff with a troubled financial past is for sale.
The Natchez Democrat (http://bit.ly/1rQe36t) reports that the VUE Hotel and nearly 21 acres of riverfront property were bought out of bankruptcy by RJB Financing for $5.6 million in 2012.
The 93-room complex was formerly known as the Grand Soleil. Previous owners had hoped to build a casino there, but filed for bankruptcy protection in 2011, after creditors tried to force liquidation. Local banks threatened foreclosure proceedings five times against Grand Soleil.
NRC Realty and Capital Advisors in Chicago is selling the hotel. NRC Vice President David Levy says the hotel will continue to operate while it's for sale.
The riverfront property had $14 million of site preparation work and could be sold separately.
Information from: The Natchez Democrat, http://www.natchezdemocrat.com/