When the sale closes on Jan. 5 or 6, the corporation will receive $227,000 for the 25 percent share and the authority will receive $182,000 as reimbursement for property acquisition, environmental review and engineering and legal costs.
That money will be paid after a $3.4 million loan from NexTier Bank, a $2 million bridge loan from PNC Bank, $1 million owed to vendors and $72,400 in property taxes are paid from the sale proceeds.
Butler News contacted the buyer Hari Hotels LLC via email and just now Butler News received an answer that said “We look forward to opening and operating a safe, and luxury hotel in Butler City” and a further small standard statement was attached.
Below is a little more about Hari Hotels LLC http://listings.findthecompany.com/l/10385565/Hari-Hotel-LLC
Founded in 2001, Hari Hotel LLC is a small organization in the hotels and motels industry located in Phoenix, AZ. It has 5 full time employees and generates an estimated $200,000 USD in annual revenue.