Britton Law, P.A.
It’s business and it’s personal call: 910-401-3356 ~or~ 888-811-9738 Representing the injured and local businesses since 1992

Fayetteville, hotel owner settle property dispute

One of the older buildings in downtown Fayetteville should soon be under new management after the former owner reached a settlement in his bankruptcy case. The owner, who city officials said owed hundreds of thousands of dollars in municipal fines, agreed to transfer ownership of the Hotel Prince Charles to a new business. The settlement ends the bankruptcy case and averts the city putting the building for sale at a foreclosure auction.

In 2009, the Prince Charles' owner put in a vinyl window on the seventh floor. The window was in violation of Fayetteville's laws regarding historic properties such as the 87-year-old building. The owner refused to remove the window and the city began levying fines.

By April 2010, the city said the owner owed $181,000 in fines. City officials began moving toward forcing a public auction of the building to repay the fines, but the owner filed for Chapter 11 bankruptcy, putting a halt on the sale. In November, hoping to get the Prince Charles out of bankruptcy protection, the city sought to have the owner's case changed to Chapter 7 bankruptcy, which would allow the judge to liquidate the owner's assets to pay his debts, or dismissed outright.

Before that happened, the two sides reached an agreement that will transfer title in the hotel to a new company called King David LLC. The owner of King David has already begun cleaning out the hotel, which has sat unused since October 2010. He said will conduct a feasibility study to determine whether to renovate the building into business and residential condominiums.

Source: Fayetteville Observer, "Hotel Prince Charles under new management; plan calls for residential, office condos," Andrew Barksdale, Dec. 6, 2012

No Comments

Leave a comment
Comment Information
  • Super-Lawyers
  • AV - Peer Review Rated
  • The American Trial Lawyers Association - Top 100 Trial Lawyers
Send us an Email. We’ll Listen.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

News & Media