1 month, 2 weeks ago by Bob Gough
The Quincy City Center Hotel did not sell Wednesday.
The 29-year-old facility had a minimum bid of $200,000 for an online auction held Wednesday afternoon.
CBRE Auction Services conducted the auction. A representative of that group said although the minimum opening bid was met, none of the bidders met the reserve.
Abbott Development purchased the 145-room facility in 2008. The former Holiday Inn Holidome was sold to Marine Bank as part of a foreclosure settlement in 2006. The company, Quincy Partners Ltd. of Springfield, defaulted on the loan owing Marine Bank $3.19 million and the City of Quincy $1.16 million. The City had loaned Quincy Partners $1.35 million through a federal Urban Development Action Grant (UDAG).