The Ramada Plaza, Macon’s major downtown hotel for nearly four decades, is back on the market.
National Commercial Auctioneers LLC plans to sell the 298-room hotel at 108 First St. at auction 1 p.m. March 9, according to a news release.
The Ramada Plaza was bought at foreclosure June 2 on the Bibb County Courthouse steps for $1 million by 108 First St. Holding LLC — a company formed by the lender.
Court documents at the time put the value of the Ramada Plaza at $5.43 million. It was one of 11 hotels owned by Atlanta-based Kronos Hotel & Resorts listed as collateral for a $48.5 million loan that was in default.
The auction company said in the release that one of the hotel’s greatest features is its location, and mentions its proximity to Interstate 16, the music and sports halls of fame, Mercer University, Wesleyan College and The Medical Center of Central Georgia.
“This property has significant upside potential for any experienced hotel operator,” Stephen Karbelk, president of the auction company, said in the release. “The property had a strong income history but has experienced a drop in revenue recently. With certain capital improvements and an expansive marketing strategy, this property will return to being one of the premier full-service hotels in southern Georgia.”
The property may be inspected 1 p.m.-4 p.m. Feb. 16, Feb. 23 and March 2 and 11 a.m.-1 p.m. March 9, according to the company’s Web site.
The hotel was built in 1969 and sits on 2.2 acres. Its amenities include a 66-seat grille, 58-seat cafe, 55-seat lounge, an outdoor pool, business center, fitness center and 20,000 square feet of meeting space including a ballroom.
The property will be sold “as is.” In order to bid at the auction, the buyer must provide a non-refundable deposit of 10 percent, with a minimum of $100,000, and close within 30 days.
Information from The Telegraph archives was included in this report
To contact writer Linda S. Morris, call 744-4223.