Dirtiest Hotel in America Up for Sale - Expected to Sell for $180M

Dirtiest Hotel in America Up for Sale – Expected to Sell for $180M

New York City, New York – As some retail and real estate moguls have declared, a successful business investment is based on location, location, location. It is certain that it is a factor in the sale of the Big Apple’s Hotel Carter. The multi-story hotel features 600 rooms, but has the dubious distinction of being the “Dirtiest Hotel” in the United States as per Trip Advisor. However, that hasn’t stopped the hotel from experiencing a brisk bidding war as investors seek to purchase the prime real estate and pay the appropriate premium. It is believed the dirty venue will fetch the price of $180 million.

After it is purchased, it will undergo a massive renovation project expected to add upwards of $125 million more to the price investment. For all that, it may be that part of the hotel will remain open to customers, but that might add “Noisiest Hotel” honors to the hotel as construction crews perform what is a thorough renovation to the facility. The man selected by the owner to run point for the sale is Lawrence Wolfe. Wolfe claims that he is preparing offers to present to the seller. It may be that price alone isn’t the only factor that will determine the sale, but it certainly will be a determining factor.

As per Trip Advisor, the dubious honor bestowed upon the hotel has been done thrice. One recent patron said she paid $200 for a single night and the shower had no hot water. She admitted that the location of the hotel was great. Presumably that is for its access to Broadway and Times Square, but she believed the hotel is far from resolving concerns about room quality. The hotel was constructed during the Great Depression and has simply not been maintained. It has been cited many times for violations of city codes.

Source:
http://www.cnbc.com/id/101728231