Courtesy Granville Inn
The Granville Inn will remain open now that Denison has stepped in to buy it.
Denison University has stepped up to purchase the Granville Inn after a Columbus-based buyer took a last-minutes pass.
The event venue and lodge, which has 27 rooms and three suites, will be operated by an independent management company.
?It will remain open and operate as it is,? Denison?s Ginny Sharkey told me.
The property dates back 86 years. It fell into distress about two years ago, prompting lender Heartland Bank to secure a $1.69 million judgment against property owner Granville Hospitality LLC in Licking County Common Pleas Court.
The court appointed Bill Wolfe of CWB Property Management Inc. as receiver in mid-2012.
Wolfe told me said Urban Restorations of Columbus walked away from its high bid of $1.3 million. He said the backup Denison bid ?is almost the same.?
Heartland Bank earlier this year paid about $300,000 in back taxes on the property as marketing of the property continued.
In a press release, the university pledged to keep the real estate on the tax rolls.
?The college has done its due diligence,? that release said, ?and is prepared to effect a seamless transition of ownership.?
Denison Vice President Seth Patton, in that news release, said the inn will need ?significant investment.?
?We believe it is important for the continued health of the village and surrounding area to keep the inn viable,? he said.
More details should emerge as soon as the Denison bid gets filed in Licking County Common Pleas Court.
Brian R. Ball covers real estate, allied construction industries, development and the hospitality and hotel sectors for Business First.
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